30 YEARS

GLOBAL INFRASTRUCTURE PLAYER

ANNUAL REPORT 2025

CK Infrastructure Holdings Limited

長江基建集團有限公司

(Incorporated in Bermuda with limited liability)

(HKEX: 1038 / LSE: CKI)

CKI

A Leading Player in the Global Infrastructure Arena

CKI is one of the world's largest global infrastructure companies. The company aims to make the world a better place through a variety of infrastructure investments and developments in different parts of the world. The Group has diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure, Waste Management Infrastructure, Waste-to-energy Infrastructure, Household Infrastructure and Infrastructure Related Businesses. Its investments and operations span Hong Kong, Chinese Mainland, the United Kingdom, Continental Europe, Australia, New Zealand, Canada and the United States.

CONTENTS

005 Ten-year Financial Summary 006 Chairman's Letter 012 CKI: 30 Years in the Making 025 Long Term Development Strategy 026 Awards 030 Business Review 032 Investment in Power Assets 034 Infrastructure Investments in United Kingdom 043 Infrastructure Investments in Australia 052 Infrastructure Investments in New Zealand 055 Infrastructure Investments in Continental Europe 058 Infrastructure Investments in Canada 061 Infrastructure Investments in Hong Kong and Chinese Mainland 064 Financial Review 066 Board and Key Personnel 081 Report of the Directors 096 Directors' Responsibility Statement 097 Independent Auditor's Report 101 Consolidated Income Statement 102 Consolidated Statement of Comprehensive Income 103 Consolidated Statement of Financial Position 104 Consolidated Statement of Changes in Equity 105 Consolidated Statement of Cash Flows 106 Notes to the Consolidated Financial Statements 156 Principal Subsidiaries 157 Principal Associates 158 Principal Joint Ventures 160 Schedule of Major Properties 161 Corporate Governance Report 198 Risk Factors 209 Business Profiles 222 Corporate Information and Key Dates

2025

KEY FIGURES

29 Consecutive Years of Dividend Growth Since Listing

8,265 Profit Attributable to Shareholders (HK$ million)

7.4 Cash on Hand (HK$ billion)

8.9% Net Debt to Net Total Capital Ratio

A/STABLE Standard & Poor's Credit Rating

THE BUSINESS

THE PEOPLE

GOVERNMENT IN

POWER ASSETS

• Power Assets

Infrastructure Investments in

UNITED KINGDOM

• UK Power Networks*
• Northumbrian Water
• Northern Gas Networks
• Wales & West Gas Networks
• Phoenix Energy
• Seabank Power
• UK Renewables Energy

Infrastructure Investments in

AUSTRALIA

• SA Power Networks
• Victoria Power Networks
• United Energy
• Australian Gas Networks
• Dampier Bunbury Pipeline
• Multinet Gas Networks
• Energy Developments (EDL)
• Australian Energy Operations

Infrastructure Investments in

NEW ZEALAND

• Wellington Electricity
• Enviro NZ

Infrastructure Investments in

CONTINENTAL EUROPE

• Dutch Enviro Energy (AIIR)
• Ieta

Infrastructure Investments in

CANADA

• Canadian Power
• Park 'N Fly
• Canadian Midstream Assets
• Reliance Home Comfort

Infrastructure Investments in

HONG KONG AND CHINESE MAINLAND

• Shen-Shan Highway (Eastern Section)
• Shantou Bay Bridge
• Alliance Construction Materials
• Green Island Cement
• Green Island Cement (Yunfu)
• Guangdong GITIC Green Island Cement
• Yunfu Xiangli Cement

• Notened into a share purchase agreement to donest interest of UK Power Networks in February 2020

TEN-YEAR FINANCIAL SUMMARY

Consolidated Income Statement Summary for the year ended 31st December

Consolidated Statement of Financial Position Summary as at 31st December

Per Share Data

Profit Attributable to Shareholders (HK$ million)

Dividends Per Share (HK$)

CHAIRMAN'S LETTER

“There is considerable value embedded in CKI’s world-class businesses.”

VICTOR T K LI Chairman

With the closing of the financial year 2025, we heralded in 2026, the year which marks the 30th anniversary of the listing of CK Infrastructure Holdings Limited ("CKI", the "Company" or the "Group"). This is a momentous milestone and we take pride in looking at what we have achieved over the past three decades.

It has been a journey of growth in scale, scope, and reach. What began in 1996 as a Hong Kong/Chinese Mainland focused company has grown into one of the world's largest global infrastructure players. Today, CKI has investments and operations across four continents with a diversified infrastructure portfolio. Our net assets have increased over 15 times, from approximately HK$8.4 billion as at 31st December, 1996, the year the company was listed, to HK$137.9 billion as at 31st December, 2025. Since listing, CKI has maintained a record of continued dividend growth, underscoring our resilience and dedication to shareholders. An investment in CKI's shares at IPO would have realised a total shareholder return of over 15 times (as of 27th February, 2026). These achievements have been attained in the face of both headwinds and tailwinds, through fluctuating economic cycles and turbulent geopolitical developments.

The macro-economic environment has been challenging in recent years. 2025 was no different as geopolitical tensions, trade disruptions, interest rate uncertainties and inflationary stress continued to dominate headlines. It was against these conditions that CKI continued to demonstrate the strength of our economic model and the resilience of our businesses.

Another year of steady performance was achieved in 2025. For the year ended 31st December, 2025, profit attributable to shareholders was HK$8,265 million, an increase of 2% over last year. Our strong financial position continued, with cash on hand being HK$7.4 billion and a low net debt to net total capital ratio of 8.9% as at 31st December, 2025. The Group is well-placed to capitalise on upcoming growth opportunities.

DIVIDEND GROWTH

The Board of Directors of CKI (the "Board") has recommended a final dividend of HK$1.88 per share. Together with the interim dividend of HK$0.73 per share, the total dividend for the year will amount to HK$2.61 per share, representing an upward trajectory of continued dividend growth since listing. The proposed dividend will be paid on Wednesday, 10th June, 2026, subject to approval at the 2026 Annual General Meeting to those shareholders whose names appear on the Register of Members of the Company at the close of business on Wednesday, 27th May, 2026. As at the date hereof, the Company does not hold any treasury shares whether in the Central Clearing and Settlement System, or otherwise.

BUSINESS REVIEW

Across the portfolio, CKI's businesses have reported steady performances with good growth achieved by a number of operations.

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ANNUAL REPORT 2025

CHAIRMAN'S LETTER

Power Assets

Profit contribution from Power Assets Holdings Limited ("Power Assets") was HK$2,246 million, an increase of 2% over last year. The international infrastructure portfolio maintained solid operational performances, underpinned by a diverse mix of infrastructure businesses which have demonstrated resilience amidst global macroeconomic volatility. HK Electric delivered steady returns, recording a modest 1% increase in profit contribution compared with the previous year's slight decline.

United Kingdom Infrastructure Portfolio

Profit contribution from the United Kingdom ("UK") was HK$3,983 million, similar to last year (in local currency terms, this represented a 3% decrease). The decline was primarily due to a lower profit contribution from UK Power Networks ("UKPN") as high true-ups from the previous regulatory period were recorded in 2024.

During the year, a solid operational performance was achieved at UKPN. The company has earned widespread industry recognition and over 50 national and international awards, including being named the much coveted Utility of the Year in the Utility Week Awards 2025; this marks the fifth time UKPN has won this accolade, a record amongst all UK utilities. It was also named Team of the Year and Strategic Partner of the Year at the same awards. The Institute of Customer Service also ranked UKPN first in the UK Customer Satisfaction Index in the Utility Sector and Utility Joint Sector.

On 1st April, 2025, Northumbrian Water ("NWG") entered into its new regulatory period. A number of recognitions were awarded to NWG also, including being ranked as the United Kingdom's best water company for customer service by industry regulator Ofwat – the highest of all accolades in the country's water sector; as well as being named Customer Initiative of the Year and Water Efficiency Project of the Year at the Water Industry Awards.

The final determination for both Northern Gas Networks ("NGN") and Wales & West Utilities ("WWU") was received in December 2025, while the first full year contribution was received from Phoenix Energy in 2025. The three UK gas distribution networks – namely NGN, WWU and Phoenix Energy – all reported satisfactory earnings.

The divestment of UK Rails, which was announced in July 2025, was completed in January 2026, further strengthening CKI's balance sheet.

Australian Infrastructure Portfolio

Profit contribution from Australia was HK$1,784 million, the same as last year (in local currency terms, profit increased by 2%).

SA Power Networks ("SAPN") entered into a new regulatory period on 1st July, 2025. Under the final determination, higher allowable returns and strong asset growth will be features of the 2025 to 2030 period. In November 2025, severe weather caused substantial damage to South Australia's electricity network. Crews responded swiftly to address the situation. The team's prompt action drew positive feedback from the local community and key stakeholders, reinforcing confidence in SAPN's operational resilience.

Victoria Power Networks ("VPN"), which comprises electricity distribution networks CitiPower and Powercor, and United Energy have submitted their revised proposals for the upcoming regulatory resets which will commence on 1st July, 2026. Higher capital investments have been proposed to enhance the networks' ability to support strong demand growth from energy transition.

In the 2025 Annual Benchmarking Report published by the Australian Energy Regulator ("AER"), CKI's four distribution network service providers – namely Powercor, SAPN, United Energy and CitiPower – are among the six top performing providers nationally, in terms of average operational expenditure (opex) efficiency scores over the 2006-2024 time period. Notably, CitiPower was ranked first among 13 distributors for multilateral total factor productivity in the same report.

Satisfactory growth was achieved by Australian Gas Infrastructure Group ("AGIG"), which consists of Australian Gas Networks ("AGN"), Multinet Gas Networks and Dampier Bunbury Pipeline. In November, AGIG successfully acquired the shares in the APA entities that provide operation and maintenance ("O&M") services to the AGN networks, as well as other third-party gas assets. This enables AGIG to insure all O&M activities and regain full control of network operations. The transaction has resulted in the onboarding of an additional 720 staff, which more than doubles AGIG's existing staff base of 530.

Lower contributions from Energy Developments were reported resulting from the expiration of various lucrative contracts and low prevailing electricity prices.

Infrastructure Portfolio in Continental Europe

In Continental Europe, profit contribution was HK$961 million, representing 58% growth (in local currency terms, this marked an increase of 50%). The increase was driven by a favorable deferred tax credit resulting from a reduction in corporate tax rate in Germany benefitting ista, and a strong operational performance. ista also continued its strategy of making value accretive acquisitions. One such transaction was the addition of SGW-Metering in September 2025. The acquisition of this metering installation company which features strong internal capabilities and established utility relationships expands ista's installation capacity for power metering and EV charging services.

Dutch Enviro Energy's plant in Rozenburg has been back in operation for treating waste since March 2025 following the fire in September 2023.

Canadian Infrastructure Portfolio

Profit contribution from Canada was HK$528 million, a 1% increase over last year (in local currency terms, this represented an increase of 3%).

Reliance Home Comfort performed well and completed the acquisition of two home service businesses in the United States.

Park'N Fly saw a decline in airport parking volumes as a result of the US-Canada trade tensions which affected travel demand. Cost-saving measures were implemented to mitigate the impact.

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CHAIRMAN'S LETTER

New Zealand Portfolio

Profit contribution from New Zealand was HK$200 million, marking an increase of 8% over last year (in local currency terms, this represented an increase of 13%). The growth arose due to strong performances from both Enviro NZ and Wellington Electricity.

Enviro NZ successfully secured a number of new contracts while Wellington Electricity commenced its new regulatory period, with higher allowable permitted returns starting on 1st April, 2025.

Hong Kong and Chinese Mainland Businesses

In Hong Kong and Chinese Mainland, CKI's portfolio recorded profit contribution of HK$68 million, a decrease of 48% over last year. This was mainly due to weak volumes for the cement business in Chinese Mainland and the decreasing prices for the concrete business in Hong Kong.

SOLID FINANCIAL FOUNDATION

The Group has maintained an impressive financial standing. Funds from operations was a robust HK$8.5 billion for the year. As at 31st December, 2025, cash on hand was HK$7.4 billion, while the net debt to net total capital ratio was 8.9% and an industry low of 48.5% when taking into account the net debt in the infrastructure investment portfolio on a look-through basis. This firm foundation provides the underpinnings of CKI's solid business model and supports its acquisition strategy for future growth.

Standard & Poor's has reaffirmed the Group's credit rating of "A/Stable".

SUSTAINABILITY INITIATIVES

All businesses of CKI are carrying out environmental initiatives in support of the respective countries' net zero targets. The electricity distribution networks in the UK and Australia have continued to make progress in a number of key sustainability projects, including smart grid solutions, electric vehicle charging infrastructure and integration systems with renewable energy sources. Advancements are also being made by the gas transmission and distribution networks in hydrogen and biomethane projects. In addition, the unregulated businesses are securing contracts on major renewable energy projects including Battery Energy Storage System (BESS) as well as solar and wind facilities and related infrastructure systems.

SUBSEQUENT EVENT

In February 2026, CKI, Power Assets and CK Asset – holding 40%, 40% and 20% interests in UKPN, respectively, through their indirect wholly-owned subsidiaries – entered into a share purchase agreement to divest 100% interest of UKPN to Engie S.A., a Euronext-listed player in energy whose single largest shareholder is the French State.

The full disposal of UK Power Networks represents a flagship transaction for the CK Group and the UK utility sector. This divestment demonstrates the value generated by the transformation delivered during CK Group's ownership, with the expected cash proceeds from the disposal together with the distributions that UKPN has delivered over the years, resulting in a strong return on our initial investment made in 2010.

Completion of the transaction is expected before the end of June 2026, subject to the fulfilment of certain conditions, including approval under the UK's National Security Investment Act for the buyer, and independent shareholders' approval from each of CKI, Power Assets, CK Asset and CK Hutchison Holdings Limited.

OUTLOOK

As the global economy continues to experience uncertainty and challenges, the unwavering resilience of our quality asset portfolio underscores CKI's leading market position. The Group is one of the key infrastructure players on the world stage with an enviable track record in improving efficiency and financial performance as well as in delivering good service.

Despite the challenges in the macro-economic landscape, there are potential opportunities for growth and expansion. Market conditions – such as tightened liquidity and rising capital costs – are working in CKI's favour. In addition to having the financial resources to actively pursue new acquisitions, we are able to offer unparalleled experience and expertise in streamlining and growing infrastructure businesses.

We are also able to benefit from our network of strategic partners within the CK Group, including CK Asset and Power Assets, to pool resources for the right acquisitions that align with our shared investment philosophies.

Many of the Group's businesses are growing organically and are actively expanding their portfolios. This is especially evident in the unregulated arms of our regulated businesses as well as in companies which have large numbers of contracted businesses such as ista and Enviro NZ. CKI is also well-placed to generate synergies as we continue to diversify our portfolio by industry and geography.

We have built our reputation over the past three decades on our ability to deliver continued earnings growth and value to shareholders while always maintaining a comfortable gearing position. Optimising the delicate balance between growth and stability is at the heart of our business model. As part of this, we always adhere to strict financial discipline and never succumb to the "must-win" mentality in pursuing acquisitions.

There is considerable value embedded in our infrastructure portfolio of world-class assets, further backed by CKI's business development strategy. In recognition of this, may I take this opportunity to express my gratitude to the Board, our staff and our shareholders for their continued support.

VICTOR T K LI

Chairman

18th March, 2026

CKI: 30 YEARS IN THE MAKING

“As a member of the Cheung Kong Group, the growth journey of CKI is similar to how ‘Cheung Kong’ (literally meaning ‘long river’) has been formed. ‘Cheung Kong’ is characterised by the numerous streams and tributaries converging into the main river over time. Through a series of acquisitions over 30 years, CKI has grown to become one of the largest infrastructure corporations in the world. Each of CKI’s member companies is like a tributary joining a river, distinct in origin yet united upon convergence. Individually and collectively, the infrastructure operations contribute to the economic development of different parts of the world, just as the ‘Cheung Kong’ river nourishes its banks.”

H L KAM Deputy Chairman and Co-Managing Director

CELEBRATING THREE DECADES OF GROWTH AND ACHIEVEMENTS

On 17th July, 1996, CKI was listed on the Main Board of the Stock Exchange of Hong Kong.

At the time, CKI was a regional company holding a portfolio of 19 infrastructure projects in Hong Kong and Chinese Mainland, and HK$8.4 billion in net assets.

Our mission from the outset was to develop CKI into a global, diversified infrastructure company dedicated to shaping a better world through quality infrastructure.

In pursuit of this visionary mission, our capital-intensive investments in regulated businesses and contractual infrastructure projects not only generate steady returns and recurring cash flows, they have also been able to deliver positive economic and social impact across the communities where we operate.

Thirty years on, a company that began as a regional player has been transformed into a leading global infrastructure enterprise.

CKI’s diversified global portfolio now comprises assets in energy infrastructure, water infrastructure, transportation infrastructure, waste management infrastructure, waste-to-energy infrastructure, household infrastructure, and infrastructure related businesses. Our investments and operations span Hong Kong, Chinese Mainland, the United Kingdom (“UK”), Continental Europe, Australia, New Zealand, Canada, and the United States.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

CKI: 30 YEARS IN THE MAKING

July 1996

CHINESE MAINLAND

INFRASTRUCTURE RELATED BUSINESSES

March 2026

• Divestment agreement signed in February 2026

With this portfolio of world-class assets generating steady returns and recurring cash flows, CKI has today been widely recognised as one of the most successful infrastructure companies in the world.

CKI'S 30-YEAR ACHIEVEMENTS

I. Financial Performance

• Profit attributable to shareholders was HK$8,265 million in 2025, more than nine times the same figure in 1996, the year of listing.
• Net assets were valued at HK$138 billion as of 31st December, 2025, a growth of more than 15 times from 31st December, 1996.

II. Dividend Growth

The stable, recurring cash flows generated by our member companies around the globe, coupled with the Group's prudent financial management, have enabled CKI to deliver continuous dividend growth for 29 consecutive years since listing in July 1996, across both favourable and challenging macro-economic cycles.

CKI is one of the few listed companies in the world that has achieved continuous annual dividend growth since listing.

Dividend per Share through the Years

III. Shareholder Value

Built upon a solid business foundation, CKI has continued to deliver long term growth and stable returns to shareholders since listing in July 1996.

• CKI's share price closed at HK$57.6 on 31st December, 2025, nearly five times the IPO price of HK$12.65.
• Accordingly, market capitalisation has risen from HK$17.3 billion at IPO to over HK$145 billion at year-end 2025, an increase of more than seven times.
• Total dividend payout since listing has reached HK$45.4 per share, nearly quadrupling the IPO price.
• An investor who bought CKI stock at its IPO price of HK$12.65 in July 1996 and held on to those shares, reinvesting all dividend payout back into the company, would have achieved a total shareholder return of HK$166 per share by 31st December, 2025, about 13 times the IPO price, representing an annualised total shareholder return of 9.4% per annum.

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CKI: 30 YEARS IN THE MAKING

IV. Embodying the "Cheung Kong" Spirit

As a member of the Cheung Kong Group, the growth journey of CKI is similar to how "Cheung Kong" (literally meaning "long river") has been formed. "Cheung Kong" is characterised by the numerous streams and tributaries converging into the main river over time. Through a series of acquisitions over 30 years, CKI has grown to become one of the largest infrastructure corporations in the world. Each of CKI's member companies is like a tributary joining a river, distinct in origin yet united upon convergence. Individually and collectively, the infrastructure operations contribute to the economic development of different parts of the world, just as the "Cheung Kong" river nourishes its banks.

CKI's globalisation journey, forged through more than 30 acquisitions over three decades, embodies the way "Cheung Kong" expands and gathers strength.

V. 30 Years of Growth through Globalisation and Diversification

CKI's globalisation journey has progressed through four distinct phases, encompassing over 30 acquisitions since 1996.

• Divestment agreement signed in February 2026

A. Solidifying Foundation in Greater China (1996 – 1999)

In 1996, CKI was listed as a Hong Kong and Chinese Mainland focused company, investing primarily in transportation and infrastructure related businesses.

Within three years, CKI had further strengthened its foothold in China with a broad portfolio comprising toll roads, bridges, power stations and infrastructure related businesses.

B. Venturing Overseas into Australia (1999 – 2004)

CKI made a strategic move in 1999, expanding beyond Greater China to embark on the Group's first overseas venture.

1999 – 2000 was a transformative period for CKI – the efforts and transactions undertaken in this short span created a solid platform for CKI's global expansion.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

CKI: 30 YEARS IN THE MAKING

Envestra – In July 1999, CKI acquired a 19.97% stake in Envestra, then the largest listed natural gas distribution company in Australia. This represented CKI’s first investment in Australia as well as its entry into the natural gas business.

In December 2024, Envestra (now Australian Gas Networks) celebrated the 25th anniversary of CKI's initial investment, as well as the 10th anniversary of Envestra's privatisation by CKI, bringing Envestra into the CKI Family.

ETSA Utilities – In January 2000, CKI privatised ETSA Utilities, the primary electricity distributor in the state of South Australia. This marked CKI’s first overseas investment in electricity distribution, and its debut as an investor-operator.

In December 2024, ETSA (now SA Power Networks) hosted a celebration to mark 25 years since its privatisation by CKI, ahead of the official anniversary in January 2025.

Powercor – In September 2000, CKI acquired Powercor, the largest electricity distributor in Victoria. This acquisition represented CKI’s second foray into the Australian electricity market, only eight months after the privatisation of ETSA. Within a year, CKI had emerged as one of the most notable infrastructure investors in Australia.

In September 2025, Powercor celebrated its 25th anniversary since becoming a CKI member company in 2000. Dozens of the original Powercor team members who had witnessed that defining moment 25 years ago joined this memorable occasion.

In the following years, CKI made a number of major acquisitions to grow its Australian portfolio. These included:

• Acquisition of CitiPower (2002) — CitiPower and Powercor amalgamated into Victoria Power Networks.
• Privatisation of Envestra (2014) — After 15 years as a major shareholder, CKI privatised Envestra and renamed it Australian Gas Networks.
• Acquisition of DUET (2017) — Comprising Multinet Gas Networks, United Energy, Dampier Bunbury Pipeline, and Energy Developments, this acquisition doubled the size of CKI’s portfolio in Australia.
• Restructuring of gas assets (2017) — Gas assets consisting of Australian Gas Networks, Multinet Gas Networks, and Dampier Bunbury Pipeline restructured as Australian Gas Infrastructure Group.

Today, CKI’s portfolio in Australia encompasses electricity distribution and transmission, gas transmission and distribution, as well as renewable and remote energy solutions.

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ANNUAL REPORT 2025

CKI: 30 YEARS IN THE MAKING

C. Venturing into the UK for Greater International Exposure (2004 – 2007)

From 2004, CKI began a stronger push to extend its overseas presence. Having accumulated valuable experience and built a solid reputation in Australia, CKI took on a new frontier – the UK.

Throughout the years, we have made a number of landmark acquisitions, assembling a comprehensive portfolio of world-class assets spanning the water, gas and electricity sectors.

Water Infrastructure

In 2004, CKI made its first foray into the UK with a relatively small investment in Cambridge Water, which marked our entry into the water industry. As UK regulations do not permit companies to hold a significant interest in more than one regulated water utility, Cambridge Water was divested in 2011, paving the way for CKI to launch a general offer for Northumbrian Water, which was then a listed company. CKI then moved to privatise Northumbrian Water later in the same year. This strategic step significantly advanced CKI's position in the UK water utility sector.

Gas Infrastructure

CKI acquired Northern Gas Networks ("NGN") in 2005. It was CKI's first major investment in the UK and its first gas asset in the country.

In July 2025, NGN celebrated its 20-year anniversary as a member of CKI.

Following NGN, CKI expanded its UK gas portfolio with the acquisitions of Wales & West Utilities (2012) and Phoenix Energy (2024). Today, the portfolio comprises two of the eight leading gas networks in Great Britain, as well as the largest of three gas distribution networks in Northern Ireland.

Electricity Infrastructure

In 2010, CKI acquired Seabank Power and UK Power Networks ("UKPN"). The acquisition of UKPN represented the Group's largest overseas investment. Since joining CKI, UKPN has been transformed into one of the top electricity networks not only in the UK but in the world.

In September 2025, UKPN celebrated its 15-year anniversary as a CKI member company. Since joining CKI, UKPN has been transformed into an industry leader across multiple fronts, earning broad recognition for its achievements.

CKI's presence in the UK continued to grow, with acquisitions of quality assets including Northumbrian Water (2011), Wales & West Utilities (2012), Phoenix Energy (2024), and UK Renewables Energy (2024). CKI is now one of the largest utility investors in the UK and a leading infrastructure owner and operator in the world.

D. Accelerating Globalisation (2007 onwards)

CKI accelerated its expansion on the global stage, venturing into Canada in 2007, New Zealand in 2008, and Continental Europe in 2013.

In Canada, CKI has established a diversified portfolio spanning energy, transportation and household infrastructure through the acquisitions of Canadian Power (2007), Park'N Fly (2014), Canadian Midstream Assets (2016), and Reliance Home Comfort (2017).

In 2024, Park'N Fly celebrated its 10th anniversary since becoming a member of the CKI Family.

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ANNUAL REPORT 2025

CKI: 30 YEARS IN THE MAKING

In New Zealand, CKI's portfolio in electricity and waste management was developed through the acquisitions of Wellington Electricity (2008) and Enviro NZ (2013).

In 2023, Wellington Electricity celebrated its 15-year anniversary since becoming a CKI member company.

In 2023, Enviro NZ celebrated the 10-year anniversary since its acquisition by CKI.

In Continental Europe, CKI built its portfolio through acquiring the Netherlands' largest energy-from-waste company, Dutch Enviro Energy (2013), followed by Europe's leading sub-metering provider, ista (2017).

In 2013, CKI acquired AVR, the Netherlands' largest energy-from-waste company. Dutch Enviro Energy is the holding company of AVR.

30 YEARS OF GLOBALISATION AND DIVERSIFICATION

The past 30 years has been a time of both turbulence and triumph. Weathering challenges and embracing opportunities, CKI has now built a global, diversified portfolio of infrastructure assets embedded with considerable value.

DIVERSIFICATION

• Divestment agreement signed in February 2020

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ANNUAL REPORT 2025

CKI: 30 YEARS IN THE MAKING

STRIVING FOR ANOTHER 30 YEARS OF SUCCESS

Thirty years in the making, CKI's globalisation journey has made us one of the world's largest global infrastructure companies. Since listing in 1996, we have consistently delivered solid financial results, achieved continuous dividend growth, and enhanced shareholder value. Our resilient business model and strong capital base continue to drive substantial value growth in our portfolio.

• Divestment agreement signed in February 2026

As we look to the road ahead, we recognise that both challenges and opportunities will emerge. In an era defined by geopolitical uncertainties and macro-economic volatility, a prudent and disciplined approach is more critical than ever. Indeed, such times often create a competitive advantage for companies like that of CKI, combining resilience, financial strength, acquisition capabilities, and operational expertise.

CKI's long term strategy is anchored in priorities built upon our core strengths: driving organic growth from our existing portfolio; pursuing investment opportunities in businesses that deliver stable returns and strong recurring cash flows; and maintaining a strong balance sheet with low gearing. These strategic focuses will continue to drive CKI's expansion and strengthen its impact for decades to come.

CKI remains dedicated to its mission of advancing infrastructure investments and developments to make the world a better place. We look ahead with confidence to many more decades of growth and achievements.

H L KAM

Deputy Chairman and Co-Managing Director

18th March, 2026

LONG TERM DEVELOPMENT STRATEGY

CKI is one of the world's largest global infrastructure companies with diverse businesses across different sectors around the world.

Through globalisation and diversification, CKI's portfolio now spans Hong Kong, Chinese Mainland, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States. Currently, its operations include electricity generation, transmission and distribution; gas transmission and distribution; transportation; water treatment and distribution; waste management; waste-to-energy; household infrastructure; as well as infrastructure materials manufacturing.

The Group has an effective set of strategies for continued growth and development:

1. TO DRIVE VALUE FROM THE GROUP'S EXISTING PORTFOLIO

CKI strives to drive organic growth and value creation from its existing portfolio. There are significant capital deployment opportunities within our existing portfolio, as businesses such as energy and water networks require investment to accommodate the changing landscape, including to support the ongoing energy transition. Innovations and synergies across the Group help us to learn from experiences and implement global best practices across our businesses, which helps to drive further value creation. CKI's head office sets targets, provides guidance and support, and works with local management to address challenges and optimise business performance.

2. TO EXPAND THE GROUP'S PORTFOLIO BY ACQUIRING QUALITY BUSINESSES WITH STRONG AND RECURRENT RETURNS

When studying a potential acquisition, CKI focuses on the fundamentals of the target and adopts a valueadd approach. Even as the infrastructure sector has become intensely competitive, CKI never adopts a "must-win" mindset in a bidding situation. Stringent investment criteria must be met which in turn, maximise risk-based returns and provide stable recurring cashflows. The Group seeks investments in industries where it can capitalise on existing knowledge, and favours countries that have established legal systems and transparent regulatory regimes. CKI's global footprint and strong local management teams also position us well to originate and execute on growth opportunities, in both existing and adjacent markets or industries. Our investment philosophy and local market knowledge ensure that we are disciplined and experienced when evaluating growth opportunities, so that we can maintain a high performing and resilient portfolio of assets.

3. TO MAINTAIN A STRONG BALANCE SHEET WITH STEADY CASH FLOW AND LOW GEARING

A strong balance sheet provides a stable platform to support the Group's future growth. As at 31st December, 2025, CKI had cash on hand of HK$7.4 billion, and gearing remained low at a net debt to net total capital ratio of 8.9%. CKI enjoys low funding cost with a Standard & Poor's "A/Stable" rating. The Group aims to preserve this financial strength to ensure it can opportunistically pursue acquisitions.

4. TO CONTINUE OUR SUSTAINABILITY JOURNEY

We look to continue to play a leading role both by evolving strategies in our existing portfolio companies and by investing in the critical new infrastructure that is needed to create the net zero energy systems of tomorrow. Through our infrastructure, we strive to create enduring, sustainable value for our stakeholders.

CORPORATE CULTURE

As a global infrastructure company, CKI owns and operates a portfolio of quality infrastructure businesses around the world. The Group endeavours to enhance these businesses' service offerings and efficiency, while constantly striving to maintain assets in the best possible condition to be fit for purpose. CKI promotes a spirit of service for the community amongst staff members. The Group also fosters a corporate culture that puts strong emphasis on health and safety, and encourages creativity, diversity and innovation across all levels. Responsible workplace policies and practices that reflect the purpose, values and strategic direction of the Group in alignment with our established culture are in place in all member companies.

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AWARDS

CK Infrastructure

Hong Kong Institute of Financial Analysts and Professional Commentators

• Outstanding Listed Companies Award 2025

UK Power Networks

Utility Week Awards

• Utility of the Year
• Team of the Year
• Strategic Partner of the Year

The Institute of Customer Service

• UK Customer Satisfaction Awards
• Employee Engagement Strategy Award
• UK Customer Satisfaction Index – Ranked #1 in the UK (Utility & Utility Joint Sectors)

New York Festivals TV & Film Awards

• Attitudinal Training Category – Silver Tower
• Animation Category – Bronze Tower

Utility Week Flex Awards

• Energy Network of the Year
• Best Use of Energy Flexibility Data

Northern Gas Networks

Gas Industry Awards

• Business Innovation Award – Runner-up

European Contact Centre & Customer Service Awards

• Best Customer Experience – Gold Award
• Best Approach to Supporting Vulnerable Customers – Silver Award

Best Companies Awards

• Best Leader Award (Big Company)
• #2 Best Big Company to Work For in the UK
• #2 Best Utility Company to Work For in the UK

The Investors in People Awards

• The Award for Driving Positive ESG Impact (5,000+ employees)

Learning Excellence Awards

• Outstanding In-house Training Initiative

Employee Benefits Awards

• Best Healthcare and Wellbeing Benefits – Large Employer

Calabrio ONE Awards

• UK ONE Award – The Collaborator

National Sustainability Awards

• Energy Innovation Award

Inclusive Top 50 UK Employers List

• Ranked #8

UK Green Business Awards

• Transport Project of the Year
• Innovation of the Year – Highly Commended

Northern Gas Networks

Gas Industry Awards

• Business Innovation Award – Runner-up

Engage Awards

• Best Use of Innovation in Customer Engagement – Highly Commended

Northumbrian Water

Water Industry Awards

• Customer Initiative of the Year
• Water Efficiency Project of the Year

Ethisphere Institute

• World's Most Ethical Companies List

Ofwat Water Company Performance Report

• Customer Satisfaction – Best Water Company

Institute of Internal Communication Awards

• Best In-House Team 1-5 People

Building Innovation Awards

• Best Carbon Reduction Innovation or Practice

Good Business Foundation

• Good Business Charter Accreditation

Great Place to Work (Super Large Company Category)

• Best Workplaces Certified Company (UK)
• Best Workplaces in Construction, Engineering & Property (UK)
• Best Workplaces for Wellbeing (UK)

CorpComms Awards

• Best Community Initiative

ICE North East Robert Stephenson Awards

• Large Project Award: Over £5 Million – Winner

Wales & West Gas Networks

The Royal Society for the Prevention of Accidents Health and Safety Awards

• President's Award
• Gold Award

Gas Industry Awards

• Investment in People Award

Phoenix Energy

GRESB Global ESG Benchmarking Assessment for Infrastructure Assets

• Score 100% and 5-star Rating
• Infrastructure Asset Super Class Leader – Network Utilities
• Infrastructure Asset Class Leader – Network Utilities: Gas Distribution Companies

Business in the Community Northern Ireland

• Northern Ireland Environmental Benchmarking Survey – Platinum Level
• The CORE Standard for Responsible Business – Gold Level

Great Place to Work (Small & Medium Company Category)

• Best Workplaces in Construction, Engineering & Property (UK)

Victoria Power Networks/United Energy

Australian Association of Graduate Employers

• Top 20 Small Intern Programs

Utility Arborist Association of Australia Awards

• Utility Vegetation Management Award

KangaNews Awards

• Australian Sustainability Issuer of the Year
• Australian Sustainability Bond Deal of the Year

AWARDS

SA Power Networks

Premier's Awards: Energy and Mining

• Productivity Improvement – Winner

iTnews Benchmark Awards

• Best Energy Project

Energy Networks Awards

• Chair's Recognition Award

Schneider Electric Sustainability Impact Award

• Pacific Customer – Joint Winner

Department of Fire and Emergency Services (Western Australia)

• Volunteer Employer Recognition Awards (VERA)

Australian Association of Graduate Employers

• Top 20 Small Intern Programs

Australian Workplace Giving Awards

• Decade of Impact Award – Highly Commended

Australian Gas Infrastructure Group

GoodCompany Awards

• Top 40 Best Workplaces to Give Back

The Energy Club of Western Australia

• The Energy Inclusion Award

Diversity Council Australia

• Inclusive Employers 2025 – 2026

SAP Australia and New Zealand Best Tech Awards

• Best Tech Awards 2025 Customer Experience – Runner-up

ista

German Federal Association of the Real Estate Industry (BVI)

• 20-Year Membership and Cooperation with BVI – Certification of Appreciation

German PR Award 2025

• Media Relations – Silver Award
• Data Storytelling – Bronze Award

German Award for Sustainability Projects 2025

• Campaign Category – Winner

Reliance Home Comfort

Waterstone Human Capital

• Canada's Most Admired™ Corporate Cultures Awards – Hall of Fame
• Canada's Most Admired™ Corporate Cultures Awards – Enterprise

The Herald-Tribune

• The Sarasota-Manatee Top Workplaces

Nextdoor

• Neighborhood Faves Awards – Winner

Great Place to Work

• Great Place to Work Certified Company (Canada)
• Great Place to Work Certified Company (US)
• Best Workplaces for Women (Canada)
• Best Workplaces with Most Trusted Executive Team (Canada)

Park'N Fly

Travel Market Report Canada

• Best Off-Airport Parking Company

Alliance Construction Materials

Green Building Award 2025

• Building Products & Technologies Category – Merit Award

iNOVA Awards

• Environmental, Social & Governance Report Category – Silver Award

Occupational Safety & Health Council

• Safety Performance Award
• All Industries Category "Outstanding Award"
• Safety Performance Award
• SME Category "Outstanding Award"

Hong Kong Construction Association (HKCA) Construction Safety Awards

• Proactive Safety Contractor Award

Hong Kong ESG Reporting Awards

• Best Sustainability Report for Non-listed Company – Commendation

Hong Kong Green and Sustainability Contribution Awards

• Pioneer Award for Contribution to Low-carbon Operations
• Gold Pioneer for Contribution to Product Carbon Footprint
• Gold Seal for Contribution to Carbon Disclosure
• Gold Pioneer for ESG Connect (Environmental)

Green Island Cement

Promoting Happiness Index Foundation

• Happy Company 10 Years+

The Hong Kong Federation of Youth Groups

• Heart to Heart Company 2020 – 2026

The Hong Kong General Chamber of Small and Medium Business

• Partner Employer Award 5 Years+

Environment and Ecology Bureau

• Hong Kong Green Organisation (2024 – 2026)

Occupational Safety & Health Council

• Safety Performance Award
• All Industries Category "Outstanding Award"

Equal Opportunities Comission

• Racial Diversity & Inclusion Employers Award Scheme "Bronze Award"

Hong Kong Green Awards

• Green Management Award
• Corporate (Large Corporation) – Gold Award
• Sustained Performance 15 Years+ Award

Employees Retraining Board Manpower Developer Award Scheme

• "Super MD" 2025 – 2030

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025 31

Investment in POWER ASSETS

Infrastructure Investments in UNITED KINGDOM

Infrastructure Investments in AUSTRALIA

Infrastructure Investments in NEW ZEALAND

Infrastructure Investments in CONTINENTAL EUROPE

Infrastructure Investments in CANADA

Infrastructure Investments in HONG KONG AND CHINESE MAINLAND

BUSINESS REVIEW

BUSINESS REVIEW

Investment in

POWER ASSETS

The Power Assets Group is a global investor in power generation, transmission and distribution, gas transmission and distribution, as well as oil storage and transmission across four continents in nine markets – namely the United Kingdom, Australia, Hong Kong, Chinese Mainland, the Netherlands, New Zealand, Thailand, Canada and the United States.

The Power Assets Group ("Power Assets") has delivered robust results across its portfolio of regulated infrastructure assets around the world.

In Hong Kong, HK Electric's ongoing investments in condition-based maintenance, real-time monitoring, and predictive diagnostics based on AI technology have sustained the company's supply reliability at above 99.9999%. In addition, the company continues to advance Hong Kong's decarbonisation goals under its 2024-2028 Development Plan. A 380 MW gas-fired combined-cycle unit (L13) is set for commissioning in 2029, while three oil-fired open-cycle gas-turbine units will be launched in phases starting from 2027 to replace aged machines.

The United Kingdom continues to be Power Assets' largest market of operation. UK Power Networks' operational performance remained strong, with a reliability rating of 99.99% during the regulatory period of 2024/2025. Both Northern Gas Networks and Wales & West Utilities received their final determinations in December 2025; they reflected higher proposed returns for the forthcoming regulatory period. During the year, Seabank Power conducted a comprehensive upgrade of the distributed control system, while 2025 marked the first full year of contribution from Phoenix Energy and UK Renewables Energy.

In Australia, SA Power Networks' financial outlook remained promising, supported by higher returns under the new regulatory period which started from 1st July 2025. As energy demand grows in the state of Victoria, the revised proposals for the next regulatory period of Victoria Power Networks and United Energy address the need on balancing reliability, safety

and affordability. Australian Gas Networks and Multinet Gas Networks benefited from higher revenue generated by the new connection fee introduced in Victoria, while Dampier Bunbury Pipeline received the final decision for the next Access Arrangement Period in December 2025, a framework for stable and secure returns was thus confirmed. During the year, Energy Developments acquired GWE Biogas and its Sandhill Biogas Plant in East Yorkshire, United Kingdom.

In Canada, the midstream pipeline and terminal assets of Canadian Midstream Assets were operated safely and reliably, helping to ensure stable production from all key customers as well as throughput volumes; and Canadian Power's Meridian plant has been operating smoothly under a new 25-year long term power purchase agreement that took effect in March 2025.

For Dutch Enviro Energy in the Netherlands, the final phase of reinstatement, construction and civil works for two new steam turbines are progressing well.

Over in New Zealand, Wellington Electricity maintained a strong operational performance.

The Ratchaburi Power Company in Thailand performed satisfactorily, benefiting from guaranteed returns from the national offtaker, the Electricity Generating Authority of Thailand.

In Chinese Mainland, the Jinwan Power Plant delivered satisfactory performance across all major operational and financial metrics. The two wind farms in Dali and Laoting contributed to the reduction of carbon emissions in these provinces.

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Infrastructure Investments in

UNITED KINGDOM

In the United Kingdom, CKI has investments in electricity and gas distribution, water and wastewater services as well as electricity generation. These investments include UK Power Networks, the electricity distribution network operator that serves London, the South East and the East of England; Northern Gas Networks, a gas distribution business that serves the northern area of England; Wales & West Gas Networks, a gas distribution business that serves Wales and South West England; Phoenix Energy, the largest natural gas distribution network in Northern Ireland; Seabank Power, which owns and operates an electricity generation plant located in Bristol; Northumbrian Water, a water supply, sewerage and wastewater company that serves the North East and provides water supply to certain areas in South East England; and UK Renewables Energy, a portfolio of onshore wind farms in England, Scotland and Wales.

UK POWER NETWORKS

UK Power Networks owns and operates electricity networks across London, the South East and the East of England. The company's network spans approximately 190,000 kilometres in length, covers an area of over 29,000 square kilometres and serves 20 million people. The company also operates a non-regulated business – UK Power Networks Services – which designs, builds, owns and maintains private networks for both public and private sector clients.

In September 2025, UK Power Networks celebrated the 15th anniversary of being a member company of the CKI Family. In the years since, the company has cemented its status as a standard-setting industry leader through its reliable performance, as well as its commitment to both excellence and innovation in serving communities and stakeholders.

During the year, UK Power Networks continued to demonstrate outstanding performance across its core business areas and beyond. It has earned widespread

industry recognition and over 50 industry, national and international awards.

At the Utility Week Awards 2025, the company was crowned the much coveted Utility of the Year for the fifth time. This is an unprecedented track record in the UK utility industry. In addition, the team was awarded the Team of the Year and the Strategic Partner of the Year titles at the same event.

UK Power Networks' outstanding customer service has also been widely acclaimed. The Institute of Customer Service gave UK Power Networks the highest rating among UK energy companies, and bestowed upon the company the Employee Engagement Strategy Award for achieving a balance of customer satisfaction as well as employee engagement.

Additionally, UK Power Networks continued to be recognised as an outstanding employer. In the Top 25 Best Big Companies to Work for 2025 list by Best Companies, UK Power Networks came second. It was also ranked eighth in the Inclusive Top 50 UK Employers List for 2025.

During the year, UK Power Networks continued to demonstrate outstanding performance across its core business areas and beyond. It has earned widespread industry recognitions and over 50 industry, national and international awards.

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At the Utility Week Awards 2025, UK Power Networks was crowned the much coveted Utility of the Year for the fifth time. This is an unprecedented tools record in the UK utility industry.

As energy consumption continues to evolve, driven by factors such as efficiency improvements, technological advancements and decarbonisation efforts, UK Power Networks' transformative projects have continued to adapt to customers' expectations and deliver practical benefits. Notably, the company has continued to invest in innovative solutions to support the country's net zero future.

In 2024, the company's Distribution System Operator ("DSO") launched the UK's first "day ahead" flexibility market, and since then two more UK network operators have followed the example. In 2024/2025 the DSO dispatched 13 GWh of flexibility at distribution level, the vast majority of it from domestic households who charge their electric vehicles outside of peak times or turn up demand during off-peak hours to absorb excess green energy. Electricity involved is enough to power more than 45,000 homes for a month.

As part of UK Power Networks' broader £800 million investment programme, the company has completed extensive works to upgrade and future-proof its electricity network which powers 8.5 million homes and businesses. These projects have included the completion of a major £15.6 million infrastructure upgrade at a new substation in East London; the installation of three environmentally friendly 33,000-volt cables to replace older circuits and thereby ensure resilient and efficient energy; and the adoption

of innovative new technology which uses new steel support trusses to add security and resilience to overhead power lines against winds and third-party damage.

The company has also introduced innovative solutions to maintain high standards for customer experience while decarbonising the network. New investments were made for a fleet of nine hybrid battery-engine generators which house both an engine and a battery unit. These generators will provide more versatile power supply during essential maintenance, as well as reduce fuel consumption and carbon dioxide emissions by 71%. Likewise, the company's ChargePoint Navigator project has upgraded the efficiency and equitability of local electric vehicle public charging facilities. This project won the Transport Project of the Year accolade at the UK Green Business Awards.

Other key innovation projects of UK Power Networks progressed well. Four such projects harnessed Strategic Innovation Fund grants from Ofgem (Office of Gas and Electricity Markets) as discovery phase funding to tackle some of the energy sector's most urgent challenges. These projects included: (i) Hot Chips, which explores the use of surplus heat from data centres to support low-carbon, flexible heating; (ii) SHARED, which explores low-cost hydrogen for residential and infrastructure settings; (iii) Conductor, which explores using large-scale battery storage to

provide power to electric trains; and (iv) Super DuPPR, which aims to safely share backup power onto the grid through Low-Carbon Technologies.

The non-regulated UK Power Networks Services also demonstrated equal innovation. The company signed a £24 million contract to upgrade the high-voltage power network on the London Underground's Piccadilly line. This work supports the rollout of new trains for increased peak service and improved resilience.

NORTHUMBRIAN WATER

Northumbrian Water is one of ten regulated water and sewerage companies in England and Wales. The company operates approximately 26,400 kilometres of water mains and 30,200 kilometres of sewers, provides water and wastewater services to 2.7 million people in North East England, and supplies over 2 million properties in Essex and Suffolk. In addition to regulated businesses, Northumbrian Water's operations include Kielder Water - the largest man-made lake in northern Europe - as well as a portfolio of long term water and wastewater services contracts in Scotland and Ireland.

In 2025, Northumbrian Water was ranked as the United Kingdom's best water company for customer service by industry regulator Ofwat - the highest of all accolades in the country's water sector. The company's proud commitment to outstanding customer outreach was also recognised through the Customer Initiative of the Year title at the 2025 Water Industry Awards. At the same award event, Northumbrian Water was rewarded the Water Efficiency Project of the Year award. Additionally, the company's outstanding internal communications was awarded the Best In-House Team of the Year accolade by the Institute of Internal Communications. Northumbrian Water was also recognised by the Good Business Charter for their commitment to responsible business practices that support people and planet.

Driven by industry-leading business practices and social responsibility, the Ethisphere Institute named Northumbrian Water among the World's Most Ethical Companies for the 14th time, while Great Place to Work retained the company on its list of the UK's

Best Workplaces in the Super Large Companies category, as well as among the UK's Best Workplaces for Wellbeing.

Throughout the year, Northumbrian Water continued its commitment to engaging in widespread enhancements and additions to its network. Significantly, Northumbrian Water completed the first stage of its major Project Pipeline Initiative – a £92.5 million investment in a new 33 kilometres pipeline which connects County Durham with Lartington Water Treatment Works in Teesdale. The project protects the resilience and quality of water supplies through the installation of large strategic mains, while reducing pumping, thus saving both energy and cost. The company also commenced £71 million of upgrades to three County Durham sewage treatment facilities and carried out its £49 million upgrade of the Barsham Water Treatment Works, which will enhance treatment processes and protect water quality. These projects constitute part of the company's broader £3.6 billion network investment programme over the regulatory period, which includes £1.7 billion earmarked for protecting the environment.

In 2025, Northumbrian Water was ranked as the United Kingdom's best water company for customer service by industry regulator Ofwat - the highest of all accolades in the country's water sector.

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Continuing its multi-pronged approach to tackle sewer flooding, Northumbrian Water progressed its £20 million Smart Sewers project, with new investments adding to some 750 sensors which contribute to a "digital twin" of the network. This system uses artificial intelligence ("AI")-driven software to monitor real-time situations and divert waste to holding tanks. Additionally, new satellite technology has been harnessed to feed into the AI model, providing quadrupled efficiency and bolstered accuracy in pinpointing leaks. The company has run Britain's first trial of AI sewer forecasting for 2.7 million customers, estimating that the innovative system can prevent up to 80% of toxic storm overflows. Further still, the "Pipebot" – the first autonomous sewer robot of its kind – has been deployed since July to patrol and inspect sewers for damage and potential blockage, alongside world-first automated drones which can both sample and carry out near laboratory-grade water health tests. This technology supports Northumbrian Water's position at the forefront of protecting the country's waterways from storm overflow pollution.

Northumbrian Water has also continued to garner the backing of Ofwat for its innovative projects, securing £9.5 million in funding for three new initiatives during the year. In addition to (i) the Smart Skies Healthy

Water scheme which uses drones and robotics to monitor coastlines and waterways before instantly delivering laboratory-grade analysis, the funding also supports (ii) Net Water PositiHyve, which will recycle treated wastewater leftovers at large industrial sites; and (iii) the Stream 3 project, which builds on an open data platform supporting industry decision-making. These funds maintain the company's momentum as the leading winner of grants from Ofwat's Innovation Fund Water Breakthrough Challenge over the past five years – testament to the company's commitment to innovative solutions for customers and the environment.

NORTHERN GAS NETWORKS

Northern Gas Networks is the gas distribution company that serves the northern area of England. The network comprises about 37,000 kilometres of gas distribution pipelines which extend from northern Cumbria to the North East and much of Yorkshire, encompassing large cities as well as rural areas. It transports approximately 13% of the nation's gas, serving a population of 6.8 million.

In July, Northern Gas Networks held a celebration for the 20th anniversary of joining the CKI Family. In this

In July 2025, Northern Gas Networks held a celebration for the 20th anniversary of joining the CKI Family.

Northern Gas Networks' business plan for the new regulatory period called for an investment of over £1.8 billion in its gas network.

landmark year, the company also received the final determination for RIIO-GD3, the regulatory period of which will be from 2026 to 2031. The company's business plan for this period called for an investment of over £1.8 billion in its gas network.

During the year, Northern Gas Networks was a runner-up in the Business Innovation Award at the Institution of Gas Engineers & Managers ("IGEM") and Energy & Utilities Alliance ("EUA") Gas Industry Awards in recognition of its impactful role in engaging youth-led insights for innovation. The company was also Highly Commended for the Best Use of Innovation in Customer Engagement at the Engage Awards – a recognition of its pioneering Young Innovators Panel, a group of young people aged 14 to 19 who help to shape and influence Northern Gas Networks' plans and decisions including improving sustainability commitments, developing new work experience programmes, and shaping long term plans to strengthen workforce resilience.

Northern Gas Networks remained a vital force in helping communities keep warm and healthy. In the last 12 months, the company successfully expanded its network of Centres for Warmth, which are located in the heart of some of the most vulnerable communities it serves, increasing the number of centres from six to 20. The company's shareholder funded Community Partnering Fund continued to provide seed funding to grassroots community groups to support customers in vulnerable situations. Meanwhile, Northern Gas Networks continued to lead

the Warm Homes Healthy Futures programme, a collaborative venture between all four of Great Britains gas distribution networks, working with the national fuel poverty action charity, National Energy Action (NEA). The last 12 months saw the programme ramp up, supporting local public health services to tackle fuel poverty and health inequalities on a national scale, by engaging households affected by deprivation.

A major highlight for Northern Gas Networks in 2025 was its progress in hydrogen, an initiative in support of decarbonisation. In June, Northern Gas Networks' East Coast Hydrogen partnership with National Gas and Cadent received £96 million Ofgem funding for the development of its next phase. This will see three separate Front End Engineering Design (FEED) studies carried out by each network, a two-year development phase of design, environmental assessment, consents and public consultation required to enable a hydrogen-ready network over the next decade. Northern Gas Networks secured £20 million of this funding to explore the re-purposing and construction of infrastructure to transport hydrogen for use in heavy industry.

Meanwhile, the new Knapton H2 Storage project in North Yorkshire, a feasibility study led by the company to win Ofgem Strategic Innovation Fund "Discovery" stage support, will drive innovation in exploring the role of hydrogen storage using the site's diverse geology. Combined, such delivery and storage of clean hydrogen at scale are key to providing year-round energy security.

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Another milestone achievement in 2025 was the signing of a government contract for a low-carbon hydrogen production facility in Bradford by Northern Gas Networks' hydrogen infrastructure sister company, N-Gen Energy Solutions. Under the agreement, the facility will receive subsidies allowing the hydrogen produced to be sold at a competitive rate comparable to fossil fuels for 15 years. The Bradford facility, which is the largest of 11 projects funded by the government's first hydrogen allocation round of £2 billion, will offer hydrogen production, storage and refuelling capacities upon opening in 2027. Using electrolysis to split water, hydrogen produced would be used in place of natural gas. The facility is to produce up to 12.5 tonnes of hydrogen daily – enough to power 800 buses. This will represent a trailblazing step in the adoption of clean, locally produced hydrogen to reduce emissions for heavy industry, transport and businesses at an economical price.

WALES & WEST GAS NETWORKS

Wales & West Gas Networks is the ultimate holding company of Wales & West Utilities, one of the eight gas distribution networks in the United Kingdom. The company has 2.5 million supply points and a pipeline network of over 35,000 kilometres. It serves an area of 42,000 square kilometres and a population of 7.5 million across Wales and South West England.

In recognition of its unwavering dedication to protecting lives and promoting safety while reliably delivering energy, Wales & West Gas Networks received its 12th consecutive Gold Award from RoSPA (Royal Society for the Prevention of Accidents). Additionally, as a result of the company's efforts to ensure employee wellbeing, which involves cultivating a positive working environment and pioneering individualised financial support schemes, Wales & West Gas Networks won the Investment in People category at the IGEM and EUA Gas Industry Awards.

During the year, Wales & West Gas Networks received the final determination for its RIIO-GD3 business plan for the 2026-2031 regulatory control period. This plan will facilitate network upgrades to ensure energy security for homes, businesses and industry alike, while strengthening infrastructure resilience against threats from climate change to cyber-attacks. As biomethane gas constitutes a key part of the government's decarbonisation roadmap, plans to optimise grid connections and harness biomethane have also been incorporated.

Wales & West Gas Networks received its 12th consecutive Gold Award from RoSPA (Royal Society for the Prevention of Accidents) in recognition of its unwavering dedication to protecting lives and promoting safety while reliably delivering energy.

Wales & West Gas Networks has continued to invest in pioneering infrastructure projects to reinforce its network, maintain supply security and prepare the network for low-carbon hydrogen gas. The company announced completion of a feasibility study for HyLine Gogledd, a dedicated 32-kilometre pipeline in North East Wales for hydrogen, which enables energy security, grid balancing and industrial decarbonisation. The pipeline is intended to supply low-carbon gas to about 3,000 industrial customers, who together account for approximately 55% of energy demand in the region. HyLine Gogledd is also to be linked with the HyNet project, an initiative driving hydrogen production for industry in England and Wales. Another groundbreaking project of the company's HyLine programme is HyLine Cymru, which involves a new 130-kilometre hydrogen pipeline across South Wales. This pipeline will help unlock at least 4.5 GW of offshore wind in the Celtic Sea by providing a route to market for clean energy producers. The two HyLine projects provide a deliverable vision for hydrogen in industrial decarbonisation at scale.

Wales & West Gas Networks recognises that different areas and customers need different solutions in the energy transition to support cost-effective decarbonisation of industry and transport. The Decentralised Alliance for South West Hydrogen (DASH) identified and modelled five opportunity areas for decentralised hydrogen networks; and based on evidence gained in DASH, the South West Conceptual Plan (SWCP) applies existing demand data and storage profiles to route potential pipelines.

Building on the company's previous trial of a first-of-its-kind hydrogen fuel cell electric vehicle (FCEV), Wales & West Gas Networks carried out an assessment of the potential to repurpose the existing network to carry hydrogen for refuelling FCEVs. The work recognises that hydrogen FCEVs are poised to fulfil challenging demands unmet by electric vehicles, including scalable long-distance operations, heavier-duty towing capacity, and on-board energy storage necessary for industrial operations. This project was implemented with the support of Ofgem's Network Innovation Allowance.

Phoenix Energy was ranked joint first globally in the GRESB Infrastructure Asset Assessment with a perfect score of 100%, maintaining its 5-star rating while winning two prestigious sector leader awards.

PHOENIX ENERGY

Phoenix Energy is the largest natural gas distribution network in Northern Ireland. The company's pipeline network extends over 4,000 kilometres and covers 76% of gas connections in Northern Ireland. It serves over 350,000 properties and 48% of the population, including Greater Belfast.

During the year, Phoenix Energy added low-carbon electric vehicles into its engineering operational fleet for the first time. They not only support the company in meeting consumer needs, but also help in advancing renewable gas solutions with a reduced operational carbon footprint.

Phoenix Energy also concluded a 12-month hybrid heating trial in South Belfast in 2025. The installed Alpha E-Tech system, which combines a gas boiler with an air source heat pump, automatically selects the most cost-effective heating method based on temperatures and tariffs, yielding reductions by 16% in cost and 51% in carbon emissions compared to conventional gas boilers. Following this success,

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UK Renewables Energy owns 32 wind farms located in England, Scotland and Wales. In 2025, power purchase agreements for over 55 MW of its wind assets across 28 wind farms were renewed.

the NI Utility Regulator granted funding to support the installation of 115 hybrid heating systems in 2026 to further leverage operational data to inform low-carbon heat policy development.

In recognition of its broader commitment to underpinning operational excellence with sustainable business practices, Phoenix Energy ranked joint first globally in the GRESB Infrastructure Asset Assessment with a perfect score of 100%, maintaining its 5-star rating while winning two prestigious sector leader awards. Furthermore, the company became one of the few Northern Irish businesses to achieve both the highest available Platinum ranking in Business in the Community (BITC)'s 2025 NI Environmental Benchmarking Survey, and the elite Gold ranking in the CORE assessment for responsible and sustainable business by Business in the Community.

Reflecting positive feedback by employees of the company's respectful, diverse and inclusive culture, Phoenix Energy was named as one of the United Kingdom's Best Workplaces in Construction, Engineering & Property by Great Place to Work.

SEABANK POWER

Seabank Power is the owner and operator of a combined cycle gas turbine power plant located in

Bristol in the South West of England. The power plant's total generating capacity is approximately 1,234 MW.

During the year, Seabank Power completed significant planned maintenance to its first module. These works included a full major upgrade of the distributed control system, replacement of the cooling water pipe network, and overhaul of both gas turbines and the steam turbine. Similar work is scheduled for Module 2 in 2026.

UK RENEWABLES ENERGY

UK Renewables Energy comprises 32 wind farms in England, Scotland and Wales. The portfolio totals 175 MW in installed capacity and 137 MW in net attributable capacity. The total renewable generation in 2025 was 195 GWhs, which is equivalent to powering 56,000 UK households.

In 2025, UK Renewables Energy renewed power purchase agreements (PPAs) for over 55 MW of its wind assets across 28 wind farms. In addition, UK Renewables Energy made community funding donations in 2025 of circa. £500,000, which included contributions under the local energy discount scheme. These funds have gone towards supporting the local community where the windfarms are based.

Infrastructure Investments in

AUSTRALIA

In Australia, CKI has investments in electricity and gas transmission and distribution, as well as renewable and remote energy solutions. It is the holding company of SA Power Networks, the primary electricity distributor in the state of South Australia; Victoria Power Networks, whose member companies CitiPower and Powercor distribute electricity to approximately 65% of the state of Victoria, and Energy Solutions, a leader in developing large-scale renewable energy generation; United Energy, an electricity distribution business in Victoria serving more than 715,000 customers across Melbourne's east and southeast suburbs and the Mornington Peninsula; Australian Gas Networks and Multinet Gas Networks, which are natural gas distribution businesses operating across Australia; Dampier Bunbury Pipeline, Western Australia's principal gas transmission pipeline; as well as Energy Developments ("EDL"), a sustainable distributed energy producer of clean and renewable electricity, renewable natural gas ("RNG") as well as remote renewable energy. The Group's portfolio also includes Australian Energy Operations, a renewable energy power transmission business in Victoria.

In the 2025 Annual Benchmarking Report, the Australian Energy Regulator ("AER") ranked CitiPower and United Energy first and third respectively among the country's 13 electricity distribution networks based on their multilateral total factor productivity.

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SA Power Networks' swift responses in addressing public safety risks and in mobilising restoration efforts during severe weather drive strong positive feedback from the local community, including words of praise from the Mayor of Port Pirie and the South Australian Premier.

SA POWER NETWORKS

SA Power Networks is South Australia's primary regulated electricity distributor. It serves more than 950,000 homes and businesses across an area of approximately 178,000 square kilometres. The powerline route length is approximately 89,000 kilometres.

SA Power Networks was presented with the Premier's Award for Productivity Improvement (Energy) at the South Australian Government's Premier's Awards for Energy and Mining for its Market Active Solar (MAS) project. This ground-breaking, industry-first initiative addresses the challenges posed by South Australia's rapid rooftop solar growth through shared digital infrastructure. By enabling collaboration between network operators and retailers, it allows dynamic solar curtailment (if or when it is needed), supporting customers, retailers, and the grid while shaping the state's renewable energy future as well as providing greater customer flexibility.

SA Power Networks also won the Best Energy Project award at the 2025 iTnews Benchmark Awards as well as the Sustainability Impact Award at Schneider Electric's Innovation Summit. These awards are testaments to SA Power Networks' commitment to innovation and environmental stewardship.

SA Power Networks' dedication to the community was equally recognised in 2025. The SA Power Networks

and Enerven Employee Foundation received an Honourable Mention in the Decade of Impact category at the Australian Workplace Giving Awards 2025, acknowledging its long term charitable support. Since 2006, the Foundation has contributed A$6 million to South Australian communities.

In November 2025, severe weather caused substantial damage to South Australia's electricity network. Port Pirie was worst affected, experiencing what the State Emergency Services described as the town's "most significant storm event on record". Approximately 5,000 SA Power Networks customers experienced power interruptions in that location. SA Power Networks crews responded swiftly to address public safety risks from fallen powerlines and mobilised additional teams for restoration. Through an organisation-wide effort, power was restored to all customers within two days. This response drew strong positive feedback from the local community, including words of praise from the Mayor of Port Pirie and the South Australian Premier.

In July 2025, SA Power Networks commenced its 2025-2030 regulatory period under the AER final determination. The determination acknowledges SA Power Networks' growing capital requirements, resulting in higher allowed returns and asset base growth. This outcome followed extensive stakeholder engagement, balancing diverse expectations while upholding commitments to reliability, safety, affordability, and energy transition.

SA Power Networks operates at the forefront of Australia's energy transition. South Australia leads the nation in per capita rooftop solar uptake, with installations at over 45% of customer residential premises. Renewable resources currently meet around 70% of the state's energy needs. Against this backdrop, SA Power Networks is redefining its role by strategically evolving from a traditional electricity distributor into an advanced Distribution System Operator (DSO), equipped to manage dynamic, two-way energy flows. It implements innovative solutions to integrate distributed energy and facilitates new technologies, such as battery storage and virtual power plants, while maintaining a safe, reliable, and affordable network.

A key SA Power Networks initiative is the statewide Community Batteries Project, an operational trial supported by the Australian Renewable Energy Agency ("ARENA"). The project evaluates how strategically placed batteries can integrate storage, address specific grid constraints, and provide a cost-effective alternative to traditional network upgrades. Eight batteries will be deployed across three distinct applications:

• Two 2 MW/2 MWh batteries in Robe and Lameroo will manage peak loads and stabilise voltage along extended regional powerlines, improving reliability and enabling additional local renewable energy connections.
• Four 0.25 MW/0.50 MWh batteries proposed in Lochiel, Pamdana, Karoonda, and Robe will facilitate electric vehicle (EV) infrastructure, avoiding costly network upgrades where grid capacity is limited.
• Two 0.1 MW/0.25 MWh batteries in Hawker and Kimba will provide emergency backup power for critical services during extended outages.

With electricity demand in South Australia forecast to potentially double by 2050, SA Power Networks launched a three-year pilot project in 2024 - Energy Masters. Gaining support from the South Australian Department for Energy and Mining and funding from ARENA, substantial progress has been made across all research streams. Early findings provide a strong foundation for demonstrating

how flexible demand and smart Home Energy Management Systems (HEMS) can offer households a cost-effective way to optimise energy use.

SA Power Networks continues to enhance its operational capability through strategic infrastructure and technology adoption. A new 25,000-square-metre, state-of-the-art depot was opened in Seaford. Strategically positioned, the facility improves electricity reliability, enhances network project delivery, enables more efficient responses to network events, and accommodates growth in Adelaide's southern suburbs and the Fleurieu Peninsula.

To improve efficiency and safety across its vast network, where over 30% of customers reside in rural or remote areas, SA Power Networks began a long-range drone trial on Kangaroo Island in 2025. Drones equipped with thermal cameras perform night inspections, fault-finding tasks, and bushfire season preparations.

During the year, SA Power Networks released its first cyber security strategy, outlining key initiatives for the next five years to protect its network, communities, customers, and workforce.

Enerven, the unregulated subsidiary of SA Power Networks, designs, procures, constructs, and maintains major utilities' infrastructure across Australia, with a strong focus on substations, transmission lines, large-scale energy and telecommunications assets.

Enerven delivered a record performance in 2025. Projects included the completion of Stage 1 of the Eraring Battery Energy Storage System (BESS) for Origin Energy. In addition, a major national high-voltage and grid-scale battery project adjacent to the Eraring Power Station in New South Wales is being developed. Another key achievement was Enerven's appointment to the Transgrid Construction Services Panel, reinforcing the trust placed in Enerven by major transmission network businesses to deliver complex and critical electrical infrastructure.

Other notable projects include the Goulburn River Solar Farm 500 kV grid connection for Transgrid. Enerven is responsible for the design, construction, testing, and commissioning of a new 500/33 kV substation, the associated transmission line works, and the installation of approximately 18 kilometres of

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optical ground wire. This substation will form a critical part of one of the state's largest renewable energy developments and will represent Transgrid's first new 500 kV substation constructed in over 15 years.

VICTORIA POWER NETWORKS

Victoria Power Networks comprises electricity distribution networks CitiPower and Powercor, as well as energy infrastructure developer Energy Solutions (trading as "Beon").

CitiPower owns and operates a network that serves about 350,000 customers in the central business district (CBD) and inner suburbs of Melbourne; while Powercor covers a service area that includes regional and rural areas in Central and Western Victoria as well as Melbourne's outer western suburbs, supplying electricity to over 900,000 customers. Beon is a leader in the design, construction and maintenance of large-scale renewable energy and infrastructure projects in Australia and New Zealand.

Victoria Power Networks issued its inaugural A$750 million 6.5-year Green Bond during the year. The bond advances Victoria Power Networks' commitment to delivering affordable, reliable and safe electricity through investments in low-voltage infrastructure, operational technology systems and smart metres. As the first taxonomy-aligned Australian green bond, it attracted strong investor demand, achieving Victoria

Power Networks' largest order book in the Australian dollar market. This landmark transaction was highly recognised, winning both Australian Sustainability Issuer of the Year and Australian Sustainability Bond Deal of the Year at the KangaNews Awards 2025.

CitiPower has maintained a strong operational record, ranking first among 13 distributors for multilateral total factor productivity in the AER 2025 Annual Benchmarking Report.

CitiPower and Powercor submitted draft plans to the AER in January for their new 2026-2031 Regulatory Reset involving extensive customer and stakeholder engagement. Their proposals aim to balance targeted investments in reliability and safety in a changing climate with cost efficiency. Following the AER's draft decision in September 2025, both companies submitted revised proposals in December, with a final determination expected in April 2026.

To support rising EV uptake, CitiPower and Powercor, together with United Energy, have launched a trial which deploys 100 pole-mounted 22 kW EV chargers. The programme introduces a pioneering multi-operator model which allows multiple e-mobility service providers to offer services at a single charging point. Through dynamic control, the trial aims to provide faster and more reliable public charging while managing grid demand and potentially deferring costly network upgrades.

CitiPower has maintained a strong operational record, ranking first among 13 distributors for multilateral total factor productivity in the Australian Energy Regulator's 2025 Annual Benchmarking Report.

In September 2025, Powercor marked the 25th anniversary of joining the CKI Family.

Ensuring network safety and reliability continue to be top priorities of CitiPower and Powercor. Year-round bushfire mitigation and vegetation management programmes have been launched using Light Detection and Ranging ("LiDAR") technology to create 3D models of powerlines and surrounding areas for precise inspection and vegetation management.

To further enhance network capacity, Powercor began installing an 100 kW/290 kWh community battery in Maldon, Western Victoria, in December 2025. Supported by the Australian Government's Community Batteries for Household Solar programme, the battery will store excess rooftop solar generation during the day and release it to the grid during peak demand, helping to maintain reliability and reduce carbon emissions.

Powercor also completed Australia's largest council-led smart lighting rollout, installing energy-efficient LED fittings with smart control technology to replace over 22,000 outdated lights in the City of Greater Geelong. The 4.5-year project delivers approximately A$2.2 million in annual operational savings and reduces greenhouse gas emissions by more than 3,300 tonnes of carbon dioxide equivalent annually. The integration of smart controllers and a Central Management System enables remote, real-time monitoring and adaptive lighting control, significantly improving public safety and lighting quality.

In a demonstration of operational innovation, a drone was used by Powercor to install a new powerline above the treetops during an emergency repair project in a remote part of Victoria. This approach restored power more quickly and safely, while minimising environmental impact and reducing costs.

Committed to innovation, Powercor, in partnership with Victoria University, has developed the world's first Single Wire Earth Return ("SWER") conductor break detection technology. This system can detect and isolate a broken powerline conductor in less than one second, helping to prevent bushfires. Recent field tests on Powercor's Springhill SWER network have proven the technology's capability - this marked a major step towards commercialisation by 2027. As SWER powerlines constitute around one-third of Powercor's high-voltage overhead network, this innovation adds another critical layer to the company's extensive suite of safety systems.

In September 2025, Powercor marked the 25th anniversary of joining the CKI Family in 2000. This milestone underscores CKI's successful long term strategy in Australian energy infrastructure, providing a strong foundation for Powercor to realise its full potential and to grow into a leading, innovative network.

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In 2025, Beon completed several major projects, including its first overseas development: a 62 MW solar farm in Lauriston, New Zealand. It also delivered Australia's largest synchronous condenser at the Ararat Terminal Station, a facility that stabilises the power grid and enables up to 600 MW of additional renewable energy generation in the region. Additionally, Beon has been commissioned to develop and operate a 228 MWp solar farm near Taupō, New Zealand. Upon completion, this will be one of New Zealand's largest solar installations.

Furthermore, Beon has been appointed for the engineering, procurement and construction of a new 220 kV terminal station and related connection assets, along with an associated operation and maintenance contract. This project will connect the new 250 MW Gnarwarre Battery Energy Storage System near Geelong, Victoria, to the existing 220 kV transmission network.

UNITED ENERGY

United Energy distributes electricity to more than 715,000 customers across Melbourne's east and southeast suburbs as well as the Mornington Peninsula with greater than 99.99% reliability. The company has an electricity distribution network that covers an area of approximately 1,500 square kilometres and is an industry leader in network technology and innovation.

The AER 2025 Annual Benchmarking Report ranked United Energy third among 13 distributors for multilateral total factor productivity, underscoring its operational excellence.

In preparation for the next five-year regulatory period (2026-2031), which will commence in July 2026, United Energy undertook extensive consultation with customers and stakeholders to identify clear priorities for a stronger and more resilient electricity network capable of withstanding extreme weather and at the same time supporting Victoria's energy transition.

United Energy has developed draft proposals that aim to deliver targeted investments to maintain reliability and safety in a changing climate, with key initiatives designed to deliver sustainable, long term environmental benefits. Following submission of its revised proposal to the AER in December 2025, a final determination is anticipated in April 2026.

A key strategy for maintaining network safety and reliability is United Energy's year-round bushfire mitigation and vegetation management programme. Using LiDAR technology, United Energy gathers

The Australian Energy Regulator's 2025 Annual Benchmarking Report ranked United Energy third among 13 distributors for multilateral total factor productivity, underscoring its operational excellence.

Australian Gas Networks is one of Australia's largest natural gas distribution companies. It owns over 27,000 kilometres of distribution networks and 1,000 kilometres of transmission pipelines.

detailed data to create 3D models of the powerlines and surrounding vegetation. This enables accurate measurement of vegetation growth and the planning of precise cutting schedules, which are essential for preventing fires and minimising power outages.

AUSTRALIAN GAS INFRASTRUCTURE GROUP

Australian Gas Infrastructure Group ("AGIG") is one of the largest gas infrastructure businesses in Australia. It owns and operates gas transmission and distribution pipelines as well as storage assets, and supplies gas to more than two million homes and businesses across the country.

AGIG consists of Australian Gas Networks, Multinet Gas Networks and Dampier Bunbury Pipeline.

AGIG has successfully acquired the shares of the asset management and operating services entities of the APA Group. These entities provide operations and maintenance ("O&M") services to the Australian Gas Networks networks, as well as to other third-party-owned gas assets. The strategic transaction enables AGIG to take over the provision of network O&M activities, which had been managed by APA Group since 2007. The transition is supported by the integration of approximately 720 additional staff. The acquisition was completed at the end of November 2025.

In a development for renewable gas connectivity, AGIG has signed a formal agreement with Delorean Corporation to connect the first biomethane project into its South Australian network. This agreement enables the annual injection of up to 210 TJ of biomethane, which is fully interchangeable with natural gas and can be seamlessly blended into AGIG's existing gas networks. AGIG believes renewable gases such as biomethane will play a critical role in delivering a secure, reliable and affordable low-carbon energy transition for Australia.

During the year, Standard & Poor's and Moody's reaffirmed the credit rating for all AGIG entities at "A-/Stable" and "A3/Stable" respectively.

Australian Gas Networks

Australian Gas Networks is one of Australia's largest natural gas distribution companies. It owns over 27,000 kilometres of distribution networks and 1,000 kilometres of transmission pipelines, delivering gas to more than 1.3 million homes and businesses in South Australia, Victoria, Queensland, New South Wales and the Northern Territory.

The AER draft decision for the new regulatory period of Australian Gas Networks (South Australia) which will start from 1 July 2026 to 30 June 2031 was published in November 2025. The final determination is expected after a public consultation period in May 2026.

Following its groundbreaking ceremony in October 2024, Hydrogen Park Murray Valley (HyP Murray Valley) is now under construction. Its 10 MW electrolyser has been delivered to site and the facility is set to become one of the largest in Australia's east coast upon commissioning. Commercial operations are targeted to commence in early 2027.

In 2025, Australian Gas Networks sponsored the television cooking show MasterChef Australia for a second consecutive year. Through a multi-company

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Dampier Bunbury Pipeline's Tubridgi Gas Storage expansion has been completed, allowing for the extraction and sale of additional gas.

collaboration, biomethane was used for cooking throughout the series, with renewable hydrogen also featured in a special appearance. This initiative aims to raise public awareness by demonstrating that low-emission gas can be a practical alternative to natural gas.

Multinet Gas Networks

Multinet Gas Networks operates a regulated natural gas network that covers approximately 1,860 square kilometres in the eastern and southeastern suburbs of Melbourne, the Yarra Ranges and South Gippsland. It serves approximately 720,000 residential, commercial and industrial customers.

In 2025, Multinet Gas Networks conducted customer surveys across the network in Victoria to investigate consumption patterns, enabling a better understanding of customer needs; this also supports the formulation of future strategies.

Dampier Bunbury Pipeline

Dampier Bunbury Pipeline is the owner and operator of the Dampier to Bunbury Natural Gas Pipeline, the principal gas transmission pipeline in Western Australia.

The Economic Regulation Authority (ERA) released its final decision for the Dampier Bunbury Pipeline in December 2025 for the five-year regulatory period commencing 1 January 2026. This complements long term contracts that were secured with a number of key customers, including Alinta, Synergy and Alcoa.

Severe winter weather in Western Australia led to Dampier Bunbury Pipeline recording its highest gas volumes for ten years in August 2025. At its peak, gas-fired generation constituted over 50% of the state's energy mix due to unplanned outages at coal-fired plants, as well as limited renewable generation from low wind and sunshine.

The Tubridgi Gas Storage expansion has been completed, allowing for the extraction and sale of additional gas.

ENERGY DEVELOPMENTS

Energy Developments ("EDL") is a leading global producer of sustainable distributed energy. It specialises in helping customers decarbonise by providing innovative and reliable energy solutions including (i) hybrid renewable power stations that use a mix of wind, solar and battery, backed up by

thermal generation, in remote and off-grid areas; (ii) grid-connected wind farms; (iii) RNG from landfills; and (iv) electricity from landfill and underground coal mine waste gases. EDL owns and operates a global portfolio of over 80 power and gas facilities in Australia, North America and Europe.

EDL has secured a three-year Power Purchase Agreement ("PPA") extension with Vault Minerals for the Darlot Gold Mine, with options to extend for a further two years. Additionally, EDL has obtained a five-year extension of the PPA for the Sunrise Dam Power Station, continuing its delivery of power to the AngloGold Ashanti mine in Western Australia, where it has operated since 1996.

In the United States, EDL and its partners - Republic Services, CPS Energy and VIA Metropolitan ("VIA") - celebrated a third year of partnership providing sustainable solutions for San Antonio public buses at EDL's state-of-the-art Tessman Road RNG facility. Since commencing operations

in 2022, the partners have worked together to support San Antonio's transition to a low-carbon future - transforming methane-rich landfill gas into home-grown RNG for Texans and helping power VIA's fleet of more than 400 compressed natural gas (CNG) buses.

In November 2025, EDL strengthened its renewable portfolio in the United Kingdom through the acquisition of GWE Biogas and its Sandhill Biogas Plant in East Yorkshire, one of the country's most advanced anaerobic digestion (AD) operators. Operational since 2011, the facility plays a vital role in the United Kingdom's transition to a circular, low-carbon economy by converting food waste, kerbside waste and agricultural feedstocks into renewable energy, providing a sustainable alternative to landfill.

Through strategic acquisitions and ongoing project developments, EDL continues to expand its global renewable portfolio while enhancing its delivery of integrated, decarbonised energy solutions.

In 2025, EDL secured a five-year Power Purchase Agreement extension for the Sunrise Dam Power Station, continuing its delivery of power to the AngloGold Ashanti mine.

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Infrastructure Investments in

NEW ZEALAND

In New Zealand, CKI has investments in electricity distribution and waste management. The Group's Wellington Electricity is the electricity distributor which serves New Zealand's capital city, Wellington, and its surrounding areas, while Enviro NZ is a leading waste and recycling resource management company in the country.

WELLINGTON ELECTRICITY

Wellington Electricity owns and operates the electricity distribution network in the cities of Wellington, the Hutt Valley, and Porirua in New Zealand. Its network features over 4,800 kilometres of lines, and supplies electricity to more than 177,000 connections across the residential, commercial and industrial sectors.

Wellington Electricity's new regulatory period commenced on 1st April, 2025. A stable revenue stream is expected for the next five years.

During the year, the company has completed a number of network maintenance and renewal projects, strengthening the safety and reliability of the system, as well as ensuring affordability. New underground power cables have been installed in selected areas not only to improve the reliability of the electricity network but also to increase capacity for future power needs. One of the notable projects is the one which supports Wellington City Council's new Moa Point wastewater treatment plant as well as strengthens the Miramar Peninsula's electricity supply.

To support local flood resilience, Wellington Electricity is working with local councils to relocate a number of assets in Lower Hutt. Work on this project has begun at the end of 2025.

The construction work for Wellington Electricity's new head office in Upper Hutt, Wellington, is scheduled for completion in the first quarter of 2026. The new office is set to further enhance the company's operations, supporting its commitment to provide safe, reliable and cost-effective services for customers.

ENVIRO NZ

Enviro NZ is one of New Zealand's leading environmental services companies. It provides waste and recycling collection, resource recovery and reuse, organics processing, as well as disposal services to more than half a million residential and commercial customers throughout New Zealand.

Wellington Electricity's new regulatory period commenced on 1st April, 2025. A stable revenue stream is expected for the next five years.

In 2025, Hampton Downs Resource, Recovery and Energy Precinct, one of New Zealand's largest resource recovery sites covering 360 hectares, marked 20 years of operation. Hampton Downs supports sustainable solutions by converting methane landfill gas into renewable electricity, thereby reducing reliance on fossil fuels. The site also processes organic waste into compost and enhances biodiversity through an established wetland.

During the year, Enviro NZ began converting non-recyclable plastics and other residual materials into a Process Engineered Fuel ("PEF") at its Pōkeno resource and recovery facility. This is the first initiative of its kind in New Zealand. The product serves as an alternative to imported fossil fuels and is currently being used in the country's largest cement kiln. The commissioning of the plant, along with the first use of PEF as a replacement for coal in New Zealand, marks a key step forward in the development of low-emission industrial energy sources and in domestic resource recovery.

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Enviro NZ began converting non-recyclable plastics and other residual materials into a Process Engineered Fuel at its Pokerlo resource and recovery facility, the first initiative of its kind in New Zealand.

Enviro NZ has reinforced its position as a trusted and resilient partner to both local government and national corporations by securing and extending several key contracts. These included a ten-year extension of waste collection services for Taupō District Council.

Enviro NZ remains committed to strengthening its operational network, marked by the opening of a new operational base in Tauranga. The new 11,500-square-metre depot is poised to support long term municipal council contracts and to consolidate multiple operations in the region, enhancing service efficiency and resilience.

In 2025, Enviro NZ acquired the business and assets of Allens United, a liquid waste management company which provides solutions for residential, commercial, industrial and government customers in the Waikato region.

Enviro NZ achieved its fourth consecutive year of Toitū Carbon Reduce certification in 2024/2025, with independently verified greenhouse gas emissions data dating back to 2019. Over that period, the company

recorded a 59% reduction in Scope 1 emissions (direct), a 23% reduction in Scope 2 emissions (indirect and external third-party sources), and strengthened its Scope 3 (value chain) reporting. These achievements reflect the company's contribution to New Zealand's broader goals of reducing emissions, improving resource efficiency, and minimising environmental harm.

Enviro NZ continued to collaborate with local authorities and industry partners to support waste innovation. A Wellington City Council-funded project enabled the development of a specialised solution that turns organic by-products from food production into nutrient-rich compost. This initiative diverts more than 60 tonnes of material from disposal each year and prevents an estimated five tonnes of carbon dioxide emissions annually.

Enviro NZ also celebrated 15 years as a founding member of the Business Leaders' Health and Safety Forum, reaffirming its commitment to safer and healthier workplaces, as well as a shared vision of zero harm in New Zealand.

Infrastructure Investments in

CONTINENTAL

EUROPE

In Continental Europe, CKI has investments in energy-from-waste and household infrastructure businesses. Dutch Enviro Energy is the holding company of AVR, the Netherlands' largest energy-from-waste company. In the household infrastructure portfolio, ista is a leading sub-metering player in Europe, with key markets covering Germany, France, the Netherlands and Denmark.

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DUTCH ENVIRO ENERGY

Dutch Enviro Energy is the holding company of AVR, which operates five waste treatment facilities – three in Rozenburg, in the Port of Rotterdam area; and two in Duiven, near the German border. Long term contracts are in place for (i) the waste feedstocks, for which gate fees are paid by customers; (ii) the offtake for energy produced; (iii) the plastic separated for the recycling industry; and (iv) the carbon dioxide captured, seasonally sold to local greenhouses.

In addition to serving the domestic market, both AVR's energy-from-waste treatment plants are granted with 'R1' energy recovery status, enabling the treatment of waste imported from European countries. The waste that AVR treats includes biomass, industrial wastewater, municipal solid waste, commercial waste, and hazardous waste, all of which are converted into energy, namely electricity, steam and heat. AVR is also one of the largest renewable district heating producers in the Netherlands.

During the year, AVR secured a number of municipal tenders, as well as contract renewals and extensions, significantly strengthening its feedstock security from 2026 onwards.

New waste processing contracts were awarded for the municipalities of De Vallei, Nissewaard & Voome aan Zee, Zoetermeer and The Hague. In addition, a five-year hazardous waste processing contract, as well as a two-year extension for the Dutch Utrecht province have been signed.

The plant in Rozenburg has been in operation treating waste since March 2025 following the completion of reconstruction work after the fire in September 2023; and electricity turbines are in the process of being installed.

AVR achieved Step 2 on the Social Entrepreneurship Performance Ladder (PSO), an independent certification that recognises social entrepreneurship and social investments.

Dutch Enviro Energy's plant in Rozenburg has been in operation for treating waste since March 2025 following the fire in September 2023

In 2025, IAS acquired a heating and waste metering technology specialist based in western Germany and an energy consultancy business in the Netherlands.

ISTA

Headquartered in Essen, Germany, ista is a leading international provider of sub-metering and related services with over 100 years of experience. ista's operations range from hardware development, manufacturing, installation and maintenance to meter reading, individual billing, data collection and processing, as well as energy data management. In addition, ista offers services such as the provision of smoke alarms, humidity sensors, drinking water analyses, leakage detection and energy performance certificates. With a presence in over 20 countries, ista services more than 14 million dwellings with over 60 million measuring devices. The company's major markets are Germany, France, the Netherlands and Denmark.

At the German PR Award 2025 organised by the German Public Relations Society, ista's Heiz-O-Meter campaign received a Silver Award in the Media Relations category, and a Bronze Award in the Data Storytelling category. Additionally, the company's "We give buildings a future" campaign was named winner of the German Award for Sustainability Projects 2025 by DISQ Media.

During the year, ista secured a 12-year renewal contract for its sub-metering services with Germany's second largest property manager.

ista delivered several successful EV charging projects for Europe's largest hotel chain in 2025. Subsequently, the company was nominated as a preferred supplier to the hotel group in 13 countries across Europe.

To support strategic growth, ista completed two key acquisitions in 2025. It acquired a heating and smart metering technology specialist based in western Germany; this represents an important step towards becoming a full-service provider for climate protection in buildings. ista also acquired a Dutch energy consultancy business, which provides energy procurement solutions, as well as advisory and tendering services to commercial clients in the Netherlands. This acquisition provides a platform to accelerate growth in the commercial and industrial segment.

ista is well-positioned to benefit from the environmental regulatory landscape in Europe. New European Union directives – aimed at (i) increasing environmental, social and governance (ESG) disclosure by large property manager, and (ii) achieving a fully decarbonised building stock by 2050 – are expected to drive significant market growth for the company once they are transposed into national laws.

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Infrastructure Investments in

CANADA

In Canada, CKI has investments in (i) Canadian Power, which holds a portfolio comprising stakes in Okanagan Wind in British Columbia and five electricity generation plants in Ontario, Alberta and Saskatchewan; (ii) Park'N Fly, the leading off-airport car park provider in the country; (iii) Canadian Midstream Assets, which holds oil and gas midstream assets in Alberta and Saskatchewan; and (iv) Reliance Home Comfort, a residential services company under the Household Infrastructure portfolio of the Group.

Canadian Power's Meridian Cogeneration Plant operated smoothly under the power purchase agreement for the provision of electricity to SaskPower and thermal energy to Cenovus.

CANADIAN POWER

Canadian Power owns (i) 100% of Okanagan Wind, which comprises two wind farms in British Columbia with a combined generating capacity of 30 MW; (ii) 100% of the Meridian Cogeneration Plant ("Meridian"), a 220 MW combined cycle, natural gas-fired cogeneration plant in Saskatchewan; and (iii) 49.99% of TransAlta Cogeneration, L.P., which operates three natural gas-fired cogeneration plants in Alberta and Ontario, as well as a 50% stake in the 800 MW Sheerness gas-fired power plant in Alberta.

Meridian operated smoothly under the power purchase agreement for the provision of electricity to SaskPower and thermal energy to Cenovus.

PARK'N FLY

Park'N Fly is the leading off-airport car park company in Canada, providing parking solutions to both business and leisure travellers coast-to-coast. Headquartered in Mississauga, Ontario, the company operates in seven Canadian cities – Vancouver, Edmonton, Winnipeg, Toronto, Ottawa, Montreal, and Halifax. The company offers valet and self-park options, as well as a host of other vehicle-related services, such as recharging, detailing and oil changes, in selected cities.

In November 2025, Park'N Fly was voted Best Off-Airport Parking Company in Canada by Travel Market Report Canada in recognition of its service excellence.

During the year, Park'N Fly continued to strengthen customer experience and engagement. It accelerated digital adoption through technology-led service enhancements to its mobile app that improved efficiency, customer satisfaction and increased ancillary revenues. The company's re-launch of its loyalty programme via a digital platform with integrated point-of-sale functionality drove membership growth and overall member activity by about 24% over prior year.

Amid US-Canada trade tensions, travel demand was affected, resulting in a decline in airport parking volumes. Cost-saving measures were implemented to mitigate the impact.

Park'N Fly remains dedicated to community development, supporting charitable organisations and events such as (i) the Daily Bread Food Bank; (ii) the Ronald McDonald House Charities Toronto; (iii) the Hope Air's Haul for Hope; and (iv) the fifth annual Walk to the Lighthouse for Mental Health and Addictions in Burlington.

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CANADIAN MIDSTREAM ASSETS

Serving Canada's growing oil production needs, Canadian Midstream Assets owns and operates approximately 2,300 kilometers of crude oil pipelines and about six million barrels of oil storage capacity in Alberta and Saskatchewan, Canada. Underpinned by long term take-or-pay contracts with senior oil producers, the company consistently generates secure, stable, and predictable returns.

Canadian Midstream Assets is poised to expand and enhance its operational footprint through debottlenecking and new growth capital projects, including plans to increase pipeline capacity by expanding pumping capability and adding new customer receipt points.

Focused on safe, reliable and responsible operations, the company finished 2025 with zero recordable injuries, zero Tier 1 or Tier 2 process safety events and zero significant incidents. Supporting the communities in which it operates, Canadian Midstream Assets made meaningful contributions to local charities and staff participated in 15 company-sponsored volunteer events, recording more than 3,000 volunteer hours in 2025.

RELIANCE HOME COMFORT

Reliance Home Comfort ("Reliance") is one of Canada's leading home services companies offering the sale and rental of water heaters, HVAC (Heating, Ventilation, and Air Conditioning) equipment, water purification products, and emerging green solutions including heat pumps and EV chargers. The company also provides plumbing and electrical services, smart home solutions, and comfort protection plans for customers. Reliance has over two million customer relationships in Canada and has a growing presence in select areas of the United States.

In 2025, Reliance was once again named one of Canada's Most Admired Corporate Cultures by Waterstone Human Capital, which acknowledges best-in-class Canadian organisations for building and nurturing performance-driven cultures. Following recognition in a number of years, Reliance earned a place in the prestigious Hall of Fame.

Furthermore, the company was awarded the Great Place to Work certification, in recognition of its efforts to create an ideal workplace for team members; and was a winner of the 2025 Neighborhood Faves Awards, an accolade determined through recommendations and community voting by local residents.

As part of its expansion strategy in the United States, Reliance acquired two home services businesses, CM Heating & Cooling in Washington and Air Force Heating & Air Conditioning in Georgia and Alabama, strengthening its market presence and customer base in the United States.

Infrastructure Investments in

HONG KONG AND CHINESE MAINLAND

CKI's Hong Kong and Chinese Mainland portfolio comprises infrastructure materials manufacturing businesses and Chinese Mainland infrastructure investments and operations.

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The Group's infrastructure projects in Chinese Mainland include a toll road and a bridge in Guangdong province, namely the Shen-Shan Highway (Eastern Section) and Shantou Bay Bridge.

During the year, the Group's toll road and bridge revenue continues to grow steadily. The Shen-Shan Highway (Eastern Section) has seen sustained traffic growth, reflecting the enduring demand in the region.

Thorough safety inspection has been conducted at Shen-Shan Highway (Eastern Section) and Shantou Bay Bridge, which comprehensive operational safety assurance measures are being implemented; these include routine safety inspections, slope reinforcement, and anti-collision barrier upgrades. Structural works which involve the replacement of main bridge bearings and hanger cable alignment on the Bay Bridge are also progressing well.

In Hong Kong, CKI's infrastructure materials manufacturing business, through Green Island Cement ("GIC"), Alliance Construction Materials ("Alliance") and Anderson Asphalt (AAL), leads the construction industry in the production of cement, concrete, aggregates and asphalt.

GIC operates an integrated cement plant in Hong Kong and three cement facilities in Guangdong Province. In addition to the cement business, GIC also operates chartering of vessels and mining in Chinese Mainland

and Southeast Asia. Alliance is well recognised by the construction industry as a reliable concrete operator which always adopts an innovative approach in supplying quality concrete to the Hong Kong market.

GIC's two wholly owned subsidiaries in environmental business - Green Island Environmental Technologies Limited and Waste Tyre Recycling Hong Kong Limited - aim to minimise the use of natural resources such as limestone and coal in cement manufacturing by upcycling local waste materials into valuable components. Current initiatives include using oyster shells as an alternative to limestone and crushing waste tyres into powder as an alternative fuel to coal.

In 2025, GIC was named as a Hong Kong Green Organisation (2024-2026), a recognition led by the Environmental Campaign Committee alongside the Environment and Ecology Bureau of the Hong Kong Special Administrative Region. In the 2025 Green Management Award held by the Green Council, the company received the Corporate Gold Award in the Large Corporation category, and the Sustained Performance (15 Years+) Award. In recognition of its workplace safety, GIC received the Outstanding Award in the All Industries category of the Safety Performance Awards, organised by the Occupational Safety & Health Council. In addition, the company was recognised as a "Super MD" (2025-2030) under the Manpower Developer Award Scheme granted by

the Employees Retraining Board, a status awarded to organisations which has maintained the "MD" recognition for ten consecutive years.

Alliance operates CKI's concrete and aggregates businesses, is a joint venture between CKI and Heidelberg Materials.

Alliance continues to play a vital role in supporting major infrastructure development across Hong Kong with a strong, sustainable and technologically smart ready-mixed concrete supply chain.

In 2025, Alliance supplied concrete for a range of strategic projects. At the Hong Kong International Airport, the company contributed to the construction of the city's largest Automated Car Parks, enabling the new "Park & Fly" and "Park & Visit" schemes, marking a major advancement in Greater Bay Area connectivity. Alliance also supported the government's accelerated public housing programme, supplying concrete to more than 20 Housing Authority projects and contributing to the government's strategy of enhancing the quantity, speed, efficiency and quality of public housing delivery.

For railway development, Alliance provided sustainable Ground Granulated Blastfumace Slag (GGBS) special concrete with tailored designs for Kwu Tung Station on the East Rail Line, the first station in Hong Kong constructed atop an operating railway tunnel. Across these airport, housing and railway projects, the company underscored its commitment to safety, environmental performance, governance excellence, sustainability and community care.

Alliance advanced its low-carbon transportation strategy during the year. The company introduced a battery-electric mixer drum which is fitted onto a diesel truck chassis, achieving up to a 30% reduction in fuel consumption compared with conventional diesel mixer trucks. Alliance also pioneered the adoption of renewable diesel (hydrotreated vegetable oil) in its fleet - an important milestone in supporting Hong Kong's carbon-neutrality goals.

Alliance continued to strengthen its safety performance through digitalisation and innovation. The implementation of a Smart Site Safety System streamlined Health, Safety and Environment (HSE)

management processes, while new virtual-reality driving simulations improved driver safety and helped reduce road traffic incidents by more than 50%. Alliance's achievements were recognised by multiple industry awards, including the Proactive Safety Contractor Award from the Hong Kong Construction Association, the Safety Performance Award at the 24th Hong Kong Occupational Safety & Health Award, and a Merit Award in the Building Products and Technologies category of the Green Building Award 2025.

In sustainability reporting, Alliance received the Silver Award in the Environmental, Social & Governance Report category at the INOVA Awards and was commended with the Best Sustainability Report for Non-listed Company at the Hong Kong ESG Reporting Awards.

To promote health, wellbeing and community engagement, Alliance continued its annual "Run for Hope" charity sports initiative. Since its launch in 2021, the event has encouraged active participation while supporting meaningful programmes through Po Leung Kuk. For 2025, the accumulated running distance achieved was 21,130 kilometres.

Alliance introduced a battery-electric mixer drum which is fitted onto a diesel truck chassis, achieving up to a 30% reduction in fuel consumption compared with conventional diesel mixer trucks.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

FINANCIAL REVIEW

FINANCIAL RESOURCES, TREASURY ACTIVITIES AND GEARING RATIO

The Group's capital expenditure and investments were funded from cash on hand, internal cash generation, loans, notes, bonds, share placement and other project loans.

As at 31st December, 2025, cash and bank deposits on hand amounted to HK$7,350 million and the total borrowings of the Group amounted to HK$20,835 million, which included Hong Kong dollar notes of HK$260 million and foreign currency borrowings of HK$20,575 million. Of the total borrowings, 13 per cent were repayable in 2026 and 87 per cent were repayable between 2027 and 2030. To refinance certain borrowings repayable in 2026, the Group has obtained and is finalising loan facilities with certain banks. The Group's financing activities continue to be well received and fully supported by its bankers.

The Group adopts conservative treasury policies in cash and financial management. To achieve better risk control and minimise the cost of funds, the Group's treasury activities are centralised. Cash is generally placed in short-term deposits mostly denominated in U.S. dollars, Hong Kong dollars, Australian dollars, New Zealand dollars, British pound, Canadian dollars, Euros or Renminbi. The Group's liquidity and financing requirements are reviewed regularly. The Group will continue to maintain a strong capital structure when considering financing for new investments or maturity of bank loans.

As at 31st December, 2025, the Group maintained a net debt position with a net debt to net total capital ratio of 8.9 per cent. This was based on HK$13,485 million of net debt and HK$151,337 million of net total capital, which represents the total borrowings plus total equity net of cash and bank deposits. This ratio was higher than that of 7.8 per cent at the year end of 2024, which was mainly due to cash movement for hedging instruments.

The net debt to net total capital ratio would be 48.5 per cent by sharing of net debt in infrastructure investment portfolio on a look-through basis, which was based on HK$129,679 million of net debt and HK$267,531 million of net total capital. This ratio was 47.0 per cent at the year end of 2024.

To minimise currency risk exposure in respect of its investments in other countries, the Group generally hedges those investments with (i) currency swaps and (ii) the appropriate level of borrowings denominated in the local currencies. The Group also entered into certain interest rate swaps to mitigate interest rate risks. As at 31st December, 2025, the notional amounts of these derivative instruments amounted to HK$57,005 million.

CHARGE ON GROUP ASSETS

As at 31st December, 2025, certain assets were pledged to secure bank borrowings totalling HK$1,485 million granted to the Group.

CONTINGENT LIABILITIES

As at 31st December, 2025, the Group was subject to the following contingent liabilities:

EMPLOYEES

The Group, including its subsidiaries but excluding affiliated companies, employs a total of 2,253 employees. Employees' cost (excluding directors' emoluments) amounted to HK$1,041 million. The Group ensures that the pay levels of its employees are competitive and that its employees are rewarded on a performance related basis within the general framework of the Group's salary and bonus system.

Preferential subscription of 2,978,000 new shares of the Company was given to those employees who had subscribed for shares of HK$1.00 each in the Company at HK$12.65 per share on the flotation of the Company in 1996. The Group does not have any share option scheme for employees.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

Front (from left to right) Joanna Chen, Andrew Hunter, H L Kam, Victor Li, Edmond Ip, Dominic Chan Back (from left to right) Duncan Macrae, Victor Luk, Pak Lam Lun, Ivan Chan, Wendy Tong Barnes, Chiu Yue Seng

DIRECTORS' BIOGRAPHICAL INFORMATION

LI Tzar Kuoi, Victor

aged 61, has been the Chairman of the Company since its incorporation in May 1996. Mr. Li has been a member of the Remuneration Committee of the Company since March 2005, the Chairman of the Executive Committee of the Company since April 2005 and a member of the Nomination Committee of the Company since January 2019. Mr. Li is the Chairman and Executive Director of CK Hutchison Holdings Limited, and the Chairman and Managing Director and the Chairman of the Executive Committee of CK Asset Holdings Limited. He is also the Chairman of CK Life Sciences Int'l., (Holdings) Inc., a Non-executive Director of Power Assets Holdings Limited and HK Electric Investments Manager Limited ("HKEIM") as the trustee-manager of HK Electric Investments, and a Non-executive Director and the Deputy Chairman of HK Electric Investments Limited. Except for HKEIM, all the companies/investment trust mentioned above are listed in Hong Kong. Mr. Li is also the Deputy Chairman of Li Ka Shing Foundation Limited and Li Ka Shing (Global) Foundation, and the Member Deputy Chairman of Li Ka Shing (Canada) Foundation. He is a member of the 14th National Committee of the Chinese People's Political Consultative Conference of the People's Republic of China. He is also Vice Chairman of the Hong Kong General Chamber of Commerce. Mr. Li is the Honorary Consul of Barbados in Hong Kong and is awarded the Grand Officer of the Order of the Star of Italy. He is a director of certain substantial shareholders of the Company within the meaning of Part XV of the Securities and Futures Ordinance ("SFO"), and a director of certain companies controlled by certain substantial shareholders of the Company. He holds a Bachelor of Science degree in Civil Engineering, a Master of Science degree in Civil Engineering and a degree of Doctor of Laws, honoris causa (I.L.D.). Mr. Li is a nephew of Mr. Kam Hing Lam, the Deputy Chairman and Co-Managing Director of the Company.

KAM Hing Lam

aged 79, has been the Deputy Chairman and Co-Managing Director of the Company since January 2026 and a member of the Executive Committee of the Company since April 2005. Mr. Kam acted as the Group Managing Director of the Company from May 1996 to December 2025. He is the Deputy Managing Director of CK Hutchison Holdings Limited, the Deputy Managing Director and Executive Committee Member of CK Asset Holdings Limited, and the President of CK Life Sciences Int'l., (Holdings) Inc. All the companies mentioned above are listed companies. Mr. Kam is also the Chairman of Hui Xian Asset Management Limited, which manages Hui Xian Real Estate Investment Trust, a real estate investment trust listed on The Stock Exchange of Hong Kong Limited ("SEHK"). Mr. Kam is a director of certain substantial shareholders of the Company within the meaning of Part XV of the SFO, and a director of certain companies controlled by certain substantial shareholders of the Company. He holds a Bachelor of Science degree in Engineering and a Master's degree in Business Administration. Mr. Kam is an uncle of Mr. Li Tzar Kuoi, Victor, the Chairman of the Company.

IP Tak Chuen, Edmond

aged 73, has been an Executive Director of the Company since its incorporation in May 1996, the Deputy Chairman of the Company since February 2003 and a member of the Executive Committee of the Company since April 2005. He has been a member of the Sustainability Committee of the Company since December 2020 and acted as the Chairman of the Sustainability Committee of the Company from December 2020 to October 2025. He is Deputy Managing Director of CK Hutchison Holdings Limited, and the Deputy Chairman and Executive Committee Member of CK Asset Holdings Limited. He is also the Senior Vice President and Chief Investment Officer of CK Life Sciences Int'l., (Holdings) Inc. All the companies mentioned above are listed companies. Mr. Ip is also a Non-executive Director of Hui Xian Asset Management Limited, which manages Hui Xian Real Estate Investment Trust, a real estate investment trust listed on the SEHK. He is a director of a substantial shareholder of the Company within the meaning of Part XV of the SFO, and a director of certain companies controlled by a substantial shareholder of the Company. He holds a Bachelor of Arts degree in Economics and a Master of Science degree in Business Administration.

FOK Kin Ning, Canning

aged 74, has been an Executive Director and Deputy Chairman of the Company since March 1997. Mr. Fok is the Deputy Chairman of CK Hutchison Holdings Limited. Mr. Fok is also the Chairman of Hutchison Telecommunications Hong Kong Holdings Limited, TPG Telecom Limited, HK Electric Investments Manager Limited as the trustee-manager of HK Electric Investments, and HK Electric Investments Limited and the Executive Chairman of CK Hutchison Group Telecom Holdings Limited ("CKHGT"). Mr. Fok is also the Deputy President Commissioner of PT Indosat Tbk. Except for HKEIM and CKHGT, all the companies/investment trust mentioned above are listed in Hong Kong or overseas. Mr. Fok is a director of certain substantial shareholders of the Company within the meaning of Part XV of the SFO, and a director of certain companies controlled by certain substantial shareholders of the Company. He holds a Bachelor of Arts degree and a Diploma in Financial Management, and is a fellow of Chartered Accountants Australia and New Zealand.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

DIRECTORS' BIOGRAPHICAL INFORMATION (CONT'D)

Frank John SIXT

aged 74, has been an Executive Director of the Company since its incorporation in May 1996. Mr. Sixt is the Group Co-Managing Director and Group Finance Director of CK Hutchison Holdings Limited. He is also the Non-executive Chairman of TOM Group Limited, a Non-executive Director of TPG Telecom Limited, a Director of Cenovus Energy Inc., and an Alternate Director of HK Electric Investments Manager Limited as the trustee-manager of HK Electric Investments, and HK Electric Investments Limited. Except for HKEIM, all the companies/investment trust mentioned above are listed in Hong Kong or overseas. He has over four decades of legal, global finance and risk management experience, and possesses deep expertise in overseeing financial reporting system, risk management and internal control systems as well as sustainability issues and related risks. Mr. Sixt is a director of certain substantial shareholders of the Company within the meaning of Part XV of the SFO, and a director of certain companies controlled by certain substantial shareholders of the Company. He holds a Master's degree in Arts and a Bachelor's degree in Civil Law, and is a member of the Bar and of the Law Society of the Provinces of Québec and Ontario, Canada.

Andrew John HUNTER

aged 67, has been an Executive Director of the Company since December 2006, Co-Managing Director of the Company since January 2026 and a member of the Executive Committee of the Company since March 2007. Mr. Hunter acted as the Chief Operating Officer of the Company from December 2006 to May 2010 and the Deputy Managing Director of the Company from May 2010 to December 2025. Mr. Hunter is the Chairman of Power Assets Holdings Limited. He is also an Executive Director of CK Hutchison Holdings Limited. All the companies mentioned above are listed companies. He is a director of a substantial shareholder of the Company within the meaning of Part XV of the SFO. Prior to the appointment to the board of Power Assets Holdings Limited in 1999, Mr. Hunter was the Finance Director of the Hutchison Property Group. He holds a Master of Arts degree and a Master's degree in Business Administration. He is a member of the Institute of Chartered Accountants of Scotland and of the Hong Kong Institute of Certified Public Accountants. He has over 41 years of experience in accounting and financial management.

CHAN Loi Shun

aged 63, has been an Executive Director of the Company since January 2011, Chief Financial Officer of the Company since January 2006, General Manager of the Company since January 2026 and a member of the Executive Committee of the Company since April 2005. Mr. Chan joined the CK Group in January 1992. He is also an Executive Director of Power Assets Holdings Limited, HK Electric Investments Manager Limited as the trustee-manager of HK Electric Investments, and HK Electric Investments Limited. Except for HKEIM, all the companies/investment trust mentioned above are listed in Hong Kong. Mr. Chan is a fellow of the Hong Kong Institute of Certified Public Accountants, a fellow of the Association of Chartered Certified Accountants and also a member of the Institute of Certified Management Accountants (Australia).

CHEN Tsien Hua

aged 63, has been an Executive Director of the Company since January 2017, a member of the Executive Committee of the Company since March 2007 and the Head of Business Development of the Company since 2005. Ms. Chen joined Hutchison Whampoa Limited in August 1992 and has been with the Company since July 1996. She holds a Bachelor's degree in Social Sciences and a Master's degree in Business Administration.

CHEONG Ying Chew, Henry

aged 78, has been an Independent Non-executive Director of the Company since its incorporation in May 1996. Mr. Cheong has been a member of the Audit Committee of the Company since December 1998 and acted as the Chairman of the Audit Committee of the Company from December 1998 to December 2006. He has been a member of the Remuneration Committee of the Company since January 2005 and the Chairman of the Remuneration Committee of the Company since January 2012. Mr. Cheong has also been a member of the Nomination Committee of the Company since February 2024. He is also an Independent Non-executive Director of CK Asset Holdings Limited, New World Department Store China Limited and Skyworth Group Limited, and an Independent Director of BTS Group Holdings Public Company Limited. Mr. Cheong is an Executive Director and the Deputy Chairman of Worldsec Limited. All the companies mentioned above are listed companies. He holds a Bachelor of Science degree in Mathematics and a Master of Science degree in Operational Research and Management.

KWOK Eva Lee

aged 83, has been an Independent Non-executive Director of the Company since September 2004. Mrs. Kwok has been a member of the Nomination Committee of the Company since January 2019 and the Chairperson of the Nomination Committee of the Company since December 2020. She acted as a member of the Audit Committee of the Company from September 2004 to June 2019. She is also an Independent Non-executive Director of CK Asset Holdings Limited and CK Life Sciences Int'l., (Holdings) Inc., and a Director of Li Ka Shing (Canada) Foundation ("LKS Canada Foundation"). She currently serves as the Chair and Chief Executive Officer of Amara Holdings Inc. ("Amara"). Mrs. Kwok also acts as an Independent Director of Cenovus Energy Inc. Mrs. Kwok currently acts as the Chairperson of the Remuneration Committee and a member of the Nomination Committee of CK Life Sciences Int'l., (Holdings) Inc. and also sits on the Governance Committee of Cenovus Energy Inc. Except for LKS Canada Foundation and Amara, all the companies mentioned above are listed companies. She is a director of a company controlled by a substantial shareholder of the Company within the meaning of Part XV of the SFO. In addition, she was an Independent Director of Bank of Montreal, a listed company, and previously sat on the Human Resources and Compensation Committee of Cenovus Energy Inc., the Compensation Committee, the Corporate Governance Committee and the Audit Committee of Husky Energy Inc., the Audit Committee of CK Life Sciences Int'l., (Holdings) Inc., the Audit Committee and Pension Fund Society of the Bank of Montreal, the Nominating and Governance Committee of Shoppers Drug Mart Corporation, the Independent Committee of Directors and Human Resources Committee of Telesystems International Wireless (TWI) Inc., the Independent Committee of Directors and the Corporate Governance Committee of Fletcher Challenge Canada Ltd., the Audit and Corporate Governance Committees of Clarica Life Insurance Company, the Corporate Governance Committee of Air Canada, the Innovation Saskatchewan (IS) Board of Directors and the Saskatchewan-Asia Advisory Council of Saskatchewan.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

DIRECTORS' BIOGRAPHICAL INFORMATION (CONT'D)

SNG Sow-mei alias POON Sow Mei

aged 84, has been an Independent Non-executive Director of the Company since September 2004. Mrs. Sng has been a member of the Audit Committee of the Company since September 2004 and a member of the Remuneration Committee of the Company since September 2022. She acted as the Chairperson of the Audit Committee of the Company from July 2020 to May 2022. She is an Independent Non-executive Director of CK Asset Holdings Limited, a listed company. She is also an Independent Non-executive Director of ESR Asset Management (Prosperity) Limited, which manages Prosperity Real Estate Investment Trust, a real estate investment trust listed on the SEHK. Mrs. Sng is also a member of the Audit Committee and the Nomination Committee of ESR Asset Management (Prosperity) Limited. Mrs. Sng was previously an Independent Non-executive Director, the Lead Independent Director and a member of the Audit Committee of Hutchison Port Holdings Management Pte. Limited, as the trustee-manager of Hutchison Port Holdings Trust, a business trust listed on the Singapore Exchange Securities Trading Limited ("SGX-ST"), an Independent Director and a member of the Audit Committee of ESR Trust Management (Suntec) Limited, which manages Suntec Real Estate Investment Trust, a real estate investment trust listed on SGX-ST, and an Independent Non-executive Director and a member of the Audit Committee of ESR Asset Management (Fortune) Limited, which manages Fortune Real Estate Investment Trust, a real estate investment trust listed on the SEHK. Mrs. Sng was also previously a Director of INFA Systems Ltd. and the Senior Consultant (International Business) of Singapore Technologies Electronics Ltd. Prior to her appointment with Singapore Technologies Pte Ltd. where Mrs. Sng was the Director, Special Projects (North East Asia) in 2000 and a Consultant in 2001, Mrs. Sng was the Managing Director of CapitaLand Hong Kong Ltd. for investments in Hong Kong and the region including Japan and Taiwan. In Hong Kong from 1983 to 1997, Mrs. Sng was the Centre Director and then as Regional Director of the Singapore Economic Development Board and Trade Development Board respectively. Mrs. Sng was Singapore's Trade Commissioner in Hong Kong from 1990 to 1997. Mrs. Sng holds a Bachelor of Arts degree from the Nanyang University in Singapore and has wide experience in various fields of industrial investment, business development, strategic and financial management, especially in property investment and management. In 1996, Mrs. Sng was conferred the title of PPA(P) – Pingat Pentadbiran Awam (Perak), the Singapore Public Administration Medal (Silver) by the Republic of Singapore.

LAN Hong Tsung, David

aged 85, has been an Independent Non-executive Director and a member of the Audit Committee of the Company since February 2005, and a member of the Sustainability Committee of the Company since February 2024. Dr. Lan is an Independent Non-executive Director of Cinda Financial Holdings Co., Limited. He is also an Independent Non-executive Director of ESR Asset Management (Prosperity) Limited, which manages Prosperity Real Estate Investment Trust, a real estate investment trust listed on the SEHK. He was previously an Independent Non-executive Director of Hutchison Telecommunications Hong Kong Holdings Limited and SJM Holdings Limited, both are listed companies, for 15 years and 11 years respectively. Dr. Lan was also previously an Independent Non-executive Director of ESR Asset Management (Fortune) Limited, which manages Fortune Real Estate Investment Trust, a real estate investment trust listed on the SEHK. He is the Chairman of David H T Lan Consultants Limited, and holds directorship at Nanyang Commercial Bank, Limited since April 2002 and International Probono Legal Services Association Limited since 2019. Dr. Lan acted as Supervisor of Nanyang Commercial Bank (China), Limited for 12 years and 9 months since December 2007 until his reappointment as Senior Consultant from October 2020 which ended on 5th January, 2026. Dr. Lan was a Senior Advisor of Mitsui & Company (Hong Kong) Limited for 19 years till his retirement in March 2019. He was also the President of the International Institute of Management for almost 7 years till his retirement in June 2019. He was the Secretary for Home Affairs of the Hong Kong Special Administrative Region ("HKSAR") Government till his retirement in July 2000. He had served as civil servant in various capacities for 39 years and was awarded the Imperial Service Order (ISO) in 1993 by Queen Elizabeth II at Buckingham Palace as well as the Gold Bauhinia Star Medal on 1st July, 2000. He was appointed as the 10th and 11th National Committee Member of the Chinese People's Political Consultative Conference of the People's Republic of China. Dr. Lan is a Chartered Secretary and a Fellow Member of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute. He received his Bachelor of Arts degree from the University of London and completed the Advanced Management Program of the Harvard Business School, Boston. He was also a Fellow at Queen Elizabeth House, University of Oxford. Dr. Lan was conferred with Doctor of Business Administration, honoris causa by University of the West of England, Bristol, Doctor of Humanities, honoris causa by Don Honorio Ventura Technological State University, and holder of Visiting Professorship Awards of Bulacan State University and Tarlac State University.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

DIRECTORS' BIOGRAPHICAL INFORMATION (CONT'D)

Paul Joseph TIGHE

aged 69, has been an Independent Non-executive Director of the Company since April 2017. Mr. Tighe has been a member of the Audit Committee of the Company since March 2019 and the Chairman of the Audit Committee of the Company since May 2022. He has been a member of the Sustainability Committee of the Company since December 2020 and the Chairman of the Sustainability Committee of the Company since November 2025. He is also an Independent Non-executive Director of CK Hutchison Holdings Limited and CK Life Sciences Int'l., (Holdings) Inc., both are listed companies. Mr. Tighe is a director of a substantial shareholder of the Company within the meaning of Part XV of the SFO, and a director of a company controlled by a substantial shareholder of the Company. He is a former career diplomat with Australia's Department of Foreign Affairs and Trade. He has around 37 years of experience in government and public policy, including 28 years as a diplomat. He has served as Australian Consul-General to Hong Kong and Macau (from 2011 to 2016), Australian Ambassador to Greece, Bulgaria and Albania (from 2005 to 2008), Deputy Head of Mission and Permanent Representative to the United Nations' Economic and Social Commission for Asia and the Pacific at the Australian Embassy in Bangkok (from 1998 to 2001) and as Counsellor in the Australian Delegation to the Organisation for Economic Co-operation and Development in Paris (from 1991 to 1995). In between overseas assignments, Mr. Tighe has held several positions at the headquarters of the Department of Foreign Affairs and Trade in Canberra, including as head of the Department's Trade and Economic Policy Division, head of the Diplomatic Security, Information Management and Services Division, head of the Agriculture and Resources Branch and Director of the International Economic Analysis Section. Before joining the Department of Foreign Affairs and Trade, Mr. Tighe worked in the Overseas Economic Relations Division of the Australian Treasury (from 1986 to 1988), in the Secretariat of the Organisation for Economic Co-operation and Development in Paris (from 1984 to 1986) and in the Australian Industries Assistance Commission (from 1980 to 1984). He holds a Bachelor of Science degree from the University of New South Wales.

Koh Poh Wah

aged 69, has been an Independent Non-executive Director of the Company since January 2026. Ms. Koh has been a member of the Audit Committee of the Company since January 2026. She is an Independent Non-executive Director of Power Assets Holdings Limited, HK Electric Investments Manager Limited as the trustee-manager of HK Electric Investments, and HK Electric Investments Limited. Ms. Koh is also an Independent Non-executive Director of ESR Asset Management (Fortune) Limited, the manager of Fortune Real Estate Investment Trust. Except for HKEIM, the companies/investment trusts mentioned above are listed in Hong Kong. Ms. Koh has more than 30 years of working experience in the areas of operations management, technology, financial and business re-engineering. Ms. Koh was previously the Regional Accountant (Alpha Asia Pacific) of Alpha International, a non-profit organisation, from 2012 to 2015 in charge of the finance functions for Alpha Asia Pacific region, Alpha Singapore and AAP Publishing Pte. Ltd. Prior to this role she was a Director with Future Positive Pte. Ltd. working extensively on information technology and business re-engineering consultancy areas. Ms. Koh also worked for American International Assurance Co. Ltd. for 15 years during the period from 1986 to 2000, with her last position as Vice President - Quality Support & Operations Management. Ms. Koh holds a Master of Science in Management Science and Operational Research, a Bachelor of Arts Degree (Honours) in Accounting, and a Diploma from Institute for the Management of Information Systems (previously known as Institute of Data Processing Management, UK) and a Fellow of Life Management Institute (USA).

LEE Pui Ling, Angelina

aged 77, has been a Non-executive Director of the Company since September 2004 and prior to that an Independent Non-executive Director of the Company from May 1996. Mrs. Lee is a solicitor and a Fellow of the Institute of Chartered Accountants in England and Wales. She holds a Bachelor of Laws degree from and was awarded an Honorary Fellowship by University College London, University of London. Amongst her public appointments, Mrs. Lee was a Member of the Exchange Fund Advisory Committee of the Hong Kong Monetary Authority and a Non-executive Director of the Securities and Futures Commission. Mrs. Lee is a Non-executive Director of Henderson Land Development Company Limited and TOM Group Limited, and an Independent Non-executive Director of Great Eagle Holdings Limited, all of which are listed companies. Mrs. Lee is a director of a company controlled by a substantial shareholder of the Company within the meaning of Part XV of the SFO.

George Colin MAGNUS

aged 90, acted as an Executive Director and Deputy Chairman of the Company from May 1996 to October 2005, and has been a Non-executive Director of the Company since November 2005. Mr. Magnus is also an Independent Non-executive Director of HK Electric Investments Manager Limited as the trustee-manager of HK Electric Investments, and HK Electric Investments Limited. He acted as an Executive Director of Cheung Kong (Holdings) Limited ("CKH") since 1980 and Deputy Chairman since 1985 until he retired from these offices in October 2005. He has been a Non-executive Director of CKH since November 2005 until his resignation in June 2015. He has been an Executive Director of Hutchison Whampoa Limited ("HWL") since 1980 and was re-designated as a Non-executive Director since November 2005 until his resignation in June 2015. He served as Deputy Chairman of HWL from 1984 to 1993. Mr. Magnus was previously the Chairman of Power Assets Holdings Limited (formerly known as Hongkong Electric Holdings Limited) from 1993 to 2005, a Non-executive Director from 2005 to 2012 and an Independent Non-executive Director until January 2014. He was a Non-executive Director of CK Hutchison Holdings Limited from January 2015 until his retirement in March 2025. Except for HKEIM, CKH and HWL, all the companies/investment trust mentioned above are listed in Hong Kong. He holds a Master's degree in Economics from King's College, Cambridge.

MAN Ka Keung, Simon

aged 68, has been an Alternate Director to Mr. Ip Tak Chuen, Edmond, Deputy Chairman of the Company, since February 2008. Mr. Man joined the CK Group in December 1987. He is Executive Committee Member and General Manager of Accounts Department of CK Asset Holdings Limited, a listed company. He is a director of certain companies controlled by a substantial shareholder of the Company within the meaning of Part XV of the SFO. He has over 45 years of experience in accounting, auditing, tax and finance. He holds a Bachelor's degree in Economics and is a member of Chartered Accountants Australia and New Zealand.

Eirene YEUNG

aged 65, Alternate Director to Mr. Kam Hing Lam, the Deputy Chairman and Co-Managing Director of the Company, and the Company Secretary and a member of the Sustainability Committee of the Company. Ms. Yeung is also Executive Committee Member and Company Secretary, and General Manager of Company Secretarial Department of CK Asset Holdings Limited. She is also the Company Secretary of CK Life Sciences Int'l., (Holdings) Inc. Ms. Yeung is a Non-executive Director of ESR Asset Management (Fortune) Limited, the manager of Fortune Real Estate Investment Trust. All the companies/investment trust mentioned above are listed in Hong Kong. She is a director of certain companies controlled by a substantial shareholder of the Company within the meaning of Part XV of the SFO. Ms. Yeung joined the CK Group in August 1994. She is a solicitor of the High Court of the HKSAR and a non-practising solicitor of the Senior Courts of England and Wales. She is also a fellow member of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

KEY PERSONNEL'S BIOGRAPHICAL INFORMATION

HONG KONG

CHAN Kee Ham, Ivan

aged 63, Chief Planning and Investment Officer, has been with the Company since September 1999. He is also the Chief Financial Officer of Power Assets Holdings Limited. He has over 35 years of experience in investment, banking and finance. He holds a Bachelor's degree in Science, a Bachelor's degree in Chinese Law and a Master's degree in Business Administration.

CHENG Chak Yu, Ivy

aged 56, Head of Internal Audit, joined the Company in August 2025. She has over 20 years of experience in the auditing field. She holds a Bachelor's and Master's degrees in Business Administration. She is a member of the Chartered Professional Accountants of British Columbia, Canada and the Hong Kong Institute of Certified Public Accountants, and the Chartered Financial Analyst of the CFA Institute.

CHIU Yue Seng

aged 49, Head of Corporate Finance, joined the Company in January 2017. He is also an Executive Committee Member and Head of Special Projects of CK Asset Holdings Limited. He has over 25 years of experience in investment banking and finance. He holds a Bachelor of Arts degree and a Master's degree in Business Administration.

LUK Sai Hong, Victor

aged 62, Group General Counsel, has been with the Company since July 1998. He has over 30 years of experience in the legal field. He holds a Bachelor's degree in Social Science. He was admitted as solicitor of the Supreme Court in England in 1992 and was admitted as solicitor in Hong Kong in 1993. He is a solicitor of the High Court of the HKSAR and is a member of The Law Society of Hong Kong.

LUN Pak Lam

aged 68, Head of China Infrastructure, joined Hutchison Whampoa Limited and Cheung Kong (Holdings) Limited in May 1993 and June 1994 respectively and has been with the Company since July 1996. He holds a Bachelor's and a Master's degrees in Engineering, a Master of Finance degree in Investment Management and a Master of Science degree in Financial Analysis.

Duncan Nicholas MACRAE

aged 55, Head of International Business, joined the CK Group in February 2011. He has over 30 years of experience in the infrastructure investment field. He holds Bachelor's and Master's degrees in Philosophy, Politics & Economics, and is a member of the Institute of Directors, UK.

TONG BARNES Wai Che, Wendy

aged 65, Chief Corporate Affairs Officer, joined the CK Group in March 1999. She is also an Executive Committee Member and Chief Corporate Affairs Officer of CK Asset Holdings Limited. She is also the Chief Corporate Affairs Officer of CK Life Sciences Int'l., (Holdings) Inc. and the Deputy Chief Executive Officer of Hui Xian Asset Management Limited. She holds a Bachelor's degree in Business Administration.

TSANG Pak Chung, Eddy

aged 68, Chief Executive Officer of CK Infrastructure Materials, joined the CK Group in January 2005. He is also an Executive Director of Green Island Cement (Holdings) Limited, Green Island International (BVI) Limited, Green Island Environment Limited and Anderson Asia (Holdings) Limited. He holds a Bachelor's degree in Economics and a Master's degree in Commerce. He is a member of Chartered Accountants Australia and New Zealand, the Hong Kong Institute of Certified Public Accountants and the Chartered Governance Institute, and is currently the Chairman of Hong Kong Construction Materials Association Limited, a fellow member of Institute of Quarrying and a member of Construction Business Development Committee of Construction Industry Council.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

KEY PERSONNEL'S BIOGRAPHICAL INFORMATION (CONT'D)

OVERSEAS

Andrew BILLS

aged 59, is the Chief Executive Officer of SA Power Networks since May 2023. Mr. Bills has over 30 years of experience in the energy industry across the public and private sectors, covering power generation, retail supply, distribution, LPG and energy trading. He was previously Chief Executive of a government owned power generator, and had held senior executive positions in several Australian energy industry organisations. Mr. Bills holds a Master's degree in Business Administration, a Bachelor's degree in Arts, and is a Graduate of the Australian Institute of Company Directors.

Kailash CHADA

aged 54, was appointed Group Chief Executive Officer of Phoenix Energy Holdings Limited in April 2023, having been Group Chief Finance Officer there from 2017. Mr. Chada worked in major international banking and other financial services businesses in London for more than 15 years prior to moving back to Northern Ireland ("NI") in 2013. Mr. Chada holds a Bachelor's degree in Civil Engineering and is a member of the Institute of Chartered Accountants of Scotland. Mr. Chada is actively involved in the NI business community and is currently President of the NI Chamber of Commerce, a board member of NI Business in the Community and a council member of the Confederation of British Industry for NI.

Shane COOKE

aged 50, was appointed Chief Executive Officer of Husky Midstream General Partnership ("Husky Midstream") in June 2023. Husky Midstream is a joint venture of Cenovus Energy Inc. ("Cenovus Energy"), CK Infrastructure ("CKI") and Power Assets. CKI's shareholding in Husky Midstream is held by Canadian Midstream Assets. Mr. Cooke has over 20 years of experience in the energy industry across finance, commercial, midstream and downstream asset optimisation, strategy, project management, business development, governance and risk. Mr. Cooke has worked at Cenovus Energy for over 20 years, where he held progressively more senior roles across finance, corporate and downstream organisations. Mr. Cooke has a Bachelor of Commerce degree and is a CFA® Charterholder, CFA Institute.

Craig DE LAINE

aged 51, is Chief Executive Officer of Australian Gas Infrastructure Group, which consists of Australian Gas Networks Limited ("AGN"), Multinet Group Holdings Pty Limited, Dampier Burbury Natural Gas Pipeline Holdings Pty Limited and AGI Development Group. He joined AGN in 2005. Prior to being appointed to his current position in November 2021, Mr. de Laine had responsibility for a broad range of key corporate functions, including business strategy, low carbon strategy and transition, hydrogen growth and development, ESG, corporate affairs, media, communications, regulation, customer service and business development, community engagement, risk and compliance and people and culture. Mr. de Laine holds a Master of Economics degree.

Graham Winston EDWARDS

aged 72, has been Chief Executive of Wales & West Utilities Limited ("WWU") since the business commenced in 2005. Mr. Edwards has significant senior management experience across the utility sector. Prior to his tenure in WWU, he worked in the electricity and water sectors, where he held senior posts in human resources, operations, and business leadership roles with full P&L responsibilities. He has also spent many years in the manufacturing sector with global automotive and consumer goods companies. Mr. Edwards has a Master's degree in Business Administration, and is a Fellow of the Chartered Institute of Personnel and Development. He is a Non-executive Director of the Institute of Customer Service. He is a previous Wales Chair of both the Confederation of British Industry and Business in the Community.

Derek David GOODMANSON

aged 59, is Chief Executive Officer of Canadian Power Holdings Inc. He joined the company as Technical and Commercial Director in 2011, and was promoted to his current position in 2012. Mr. Goodmanson has over 30 years of experience in engineering, maintenance, project management, operations, and commercial management in the power industry, having held a number of key leadership roles in the power generation and transmission sectors throughout Canada. He holds a Bachelor of Mechanical Engineering degree, and is a Registered Professional Engineer in Canada. He also completed the Ivey Executive Development Programme.

James Christopher HARMAN

aged 57, has been Chief Executive Officer of Energy Developments Pty Limited ("EDL") since October 2016. Before joining EDL, Mr. Harman had over 20 years of experience in the natural resource industry in the United Kingdom and Australia, and has extensive international leadership and business development experience. Prior to his current position, he was Group Head of Business Development of a top-tier natural resource company. Mr. Harman is a Director of the Australian Energy Council and Bioenergy Australia. He holds a Bachelor's degree in Commerce and a Master's degree in Laws.

Mark John HORSLEY

aged 66, has been Chief Executive Officer of Northern Gas Networks Limited since 2011. He has more than 50 years of experience in the energy sector. Mr. Horsley has held a number of senior appointments in the industry, which include an international built asset consultancy and power companies. Mr. Horsley held the post of Chairman of the UK Energy Networks Association from 2004 to 2006 and was Chairman of the Energy Innovation Centre from 2014 to 2017. In 2024, he was appointed Chair of Future Energy Networks (FEN), the trade body that represents the gas transmission and distribution operators in the United Kingdom.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

BOARD AND KEY PERSONNEL

KEY PERSONNEL'S BIOGRAPHICAL INFORMATION (CONT'D)

OVERSEAS (CONT'D)

Hagen LESSING

aged 52, has been Chief Executive Officer of the ista Group since June 2021. He joined ista as Chief Executive Officer of ista Germany in October 2019. Prior to joining ista, Dr. Lessing worked for a world-renowned consulting group for more than 15 years, having supported clients from the energy and industrial goods sectors in Germany, Scandinavia and the United Kingdom with a focus on strategy, transformation and digitisation. Dr. Lessing studied Business Management and Engineering in Germany and the United States, and holds a Doctor's degree in Applied Computer Science.

Peter LOWE

aged 73, was appointed as Chairman of Multinet Group Holdings Pty Limited and United Energy Distribution Holdings Pty Limited in 2004, and Chairman of Dampier Bunbury Natural Gas Pipeline Holdings Pty Limited in 2021. He has also been an Independent Director of Australian Gas Networks Limited since 2017. Mr. Lowe has over 30 years of commercial experience at senior management level, including development of strategies for new business, corporate restructuring, financing of acquisitions and making operational improvements. Mr. Lowe holds a Bachelor's degree in Commerce and a Master's degree in Business Administration.

Yves Willy André LUCA

aged 60, has been Chief Executive Officer of AVR-Afvalverwerking B.V. ("AVR") since 2013, where he managed the acquisition by a consortium led by the Group and the transition of AVR. Mr. Luca has 29 years of experience in the waste management industry, where he held several regional and national executive positions, as well as directorships in both managing board and group board in Europe's leading waste service, raw materials and energy provider group. Over the years, he has been responsible for waste collection operations, recycling activities and energy-from-waste activities in Belgium and Eastern Europe. Mr. Luca holds a Master's degree in Applied Economic Science.

Carlo MARRELLO

aged 61, is Chief Executive Officer of Park'N Fly. He joined the company in 2014. Mr. Marcello has over 30 years of experience in executive management, consulting, sales, and operations in both the financial and commercial logistics industries. He has a Bachelor's degree, and has previously held a number of senior appointments, which include the Global Head of Commodities Logistics at a leading bank in Canada.

Stuart Michael MAYER

aged 59, is General Manager of Seabank Power Limited. He joined the company as Commercial Financial Controller in 2001, and was promoted to his current position in 2007. Mr. Mayer held a variety of commercial and financial roles in the civil and military aero engine sectors in the United Kingdom and overseas. Mr. Mayer is a Chartered Management Accountant with over 30 years of experience in engineering and utilities.

Neil Douglas MCGEE

aged 74, is Chairman and a Non-executive Director of Dutch Enviro Energy Holdings B.V. He joined the CK Hutchison Group in 1978, holding various legal, corporate secretarial, finance and management positions. He is also a Non-executive Director of Power Assets Holdings Limited, as well as a Director of UK Power Networks Holdings Limited, Northern Gas Networks Limited and Seabank Power Limited. Mr. McGee holds a Bachelor of Arts degree and a Bachelor of Laws degree.

Heidi MOTTRAM

aged 61, is Chief Executive Officer of the Northumbrian Water Group Limited and Northumbrian Water Limited Boards. Ms. Mottram has held the positions since 2010 before Northumbrian Water's acquisition by a consortium led by the Group in October 2011. Prior to her current position, Ms. Mottram has held a number of senior management roles in the rail and transport sector, and she was awarded an OBE in the New Year Honours List 2010 for services to the rail industry. In 2016, she was selected to be the Prince of Wales' Business Ambassador to the North East, in conjunction with Business in the Community. In the same year, Ms. Mottram was also named North East Business Executive of the Year for her contribution to business in the North East of England. In 2018, Ms. Mottram was awarded a CBE in the Queen's Birthday Honours List for her contribution to the water industry and business community. Ms. Mottram received the Chair's Award for Excellence in Director and Board Practice by Institute of Directors in Yorkshire and North East in 2020.

Sean O'BRIEN

aged 59, is President and Chief Executive Officer of Reliance Home Comfort. Mr. O'Brien has over 25 years of senior leadership experience in sales, general management, marketing and business development, with an emphasis on fostering a high performance culture. Prior to his current role, he was President of Canada's largest industrial supplies distribution company. In 2016 he was recognised as Canada's Most Admired™ CEO and in 2017 won Glassdoor Highest Rated CEO of the Year Award. Mr. O'Brien holds a Bachelor's degree in Social Studies.

Richard Clive PEARSON

aged 80, has been Chairman of Wellington Electricity Distribution Network Limited and its subsidiary companies since the organisation's establishment in 2008. He was also appointed Chairman of Enviro (NZ) Limited in 2013. Prior to his current positions, Mr. Pearson worked for Hutchison Whampoa Group (now known as CK Hutchison Holdings) from 1975 to 2007, holding various senior roles in Hutchison Port Holdings Group, including Managing Director – Europe Division from 2005 to 2007, President of ECT Rotterdam from 2002 to 2004, as well as Managing Director of Hongkong International Terminals Ltd. from 1996 to 1998. Mr. Pearson holds a Bachelor's degree in Commerce and is a member of the New Zealand Society of Accountants.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

80 CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025 81

BOARD AND KEY PERSONNEL

KEY PERSONNEL'S BIOGRAPHICAL INFORMATION (CONT'D)

OVERSEAS (CONT'D)

Timothy Hugh ROURKE

aged 54, is Chief Executive Officer of Victoria Power Networks Pty Ltd. ("Victoria Power Networks") and its subsidiaries. He is also the Chief Executive Officer and Director of United Energy Distribution Holdings Pty Limited. Prior to joining Victoria Power Networks in April 2013, Mr. Rourke was Chief Executive Officer of an energy infrastructure business operating in Australia and New Zealand. Previous experience included senior executive roles with a number of Australian based energy and infrastructure companies. Before entering the energy sector, he worked for a multi-national mining company and an international accounting and consultancy firm. Mr. Rourke is a Director of Energy Networks Australia, the national industry association representing electricity and gas distribution business. He holds a Bachelor of Commerce degree.

Basil SCARSELLA

aged 70, has been Chief Executive Officer of UK Power Networks Holdings Limited since its establishment in late 2010. Prior to his current appointment, Mr. Scarsella held a number of senior positions in the Group's businesses, including Chief Executive Officer of Northern Gas Networks Limited in the United Kingdom from 2005 to 2010, and Chief Executive Officer of SA Power Networks in Australia from 1998 to 2005. Before SA Power Networks was acquired by the Group, he worked in ETSA Utilities and other energy companies in Australia. Mr. Scarsella has a degree in Economics and is a Certified Practising Accountant. He is a Life Member of Football Australia and received the Australian Sports Medal in 2000, and in 2003 became a Member of the Order of Australia (AM) for his services to sport. Mr. Scarsella was the Chairman of the Energy Networks Association in the United Kingdom from 2014 to 2017.

Greg Donald SKELTON

aged 61, is Chief Executive Officer of Wellington Electricity Lines Limited ("Wellington Electricity"). He has been with the company since its formation in 2009. Mr. Skelton has over 30 years of experience in the fields of production engineering, electrical engineering and business management. He holds a Bachelor's degree in Electrical Engineering, a Master's degree in Business Administration, and is a Fellow of Engineering New Zealand.

Peter Peace TULLOCH

aged 82, has been Chairman of SA Power Networks, Victoria Power Networks Pty Ltd., as well as its subsidiaries since 2005. He was appointed Chairman of Australian Gas Networks Limited in late 2014, and he is also a Non-executive Director of CK Life Sciences Int'l., (Holdings) Inc. Mr. Tulloch has over 30 years of banking experience in Asia. He was educated in Scotland and is a Fellow of the Institute of Canadian Bankers.

REPORT OF THE DIRECTORS

The Directors are pleased to present shareholders their report together with the audited financial statements of the Group for the year ended 31st December, 2025.

PRINCIPAL ACTIVITIES

The Group's principal activities during the year are development, investment and operation of infrastructure businesses in Hong Kong, Chinese Mainland, the United Kingdom, Continental Europe, Australia, New Zealand, Canada and the United States.

BUSINESS REVIEW

A fair review of the Group's business, and an indication of likely future development in the Group's business are provided in the Business Review, Chairman's Letter and CKI: 30 Years in the Making on pages 30 to 63, pages 6 to 11 and pages 12 to 24 of this Annual Report, respectively. An analysis of the Group's performance using financial key performance indicators is set out in the Ten-year Financial Summary on page 5 and Financial Review on pages 64 to 65. A description of the principal risks and uncertainties facing the Group can be found in the Risk Factors on pages 198 to 208. In addition, particulars of important events affecting the Group that have occurred since the end of the year 2025, if any, are set out in the Chairman's Letter on pages 6 to 11. The above discussions form part of the Report of the Directors.

As a global leader in infrastructure investment, we recognise the increasing complexity of the operating environment in 2025, characterised by economic uncertainty, geopolitical tensions, accelerating artificial intelligence development, intensifying extreme weather events and evolving sustainability policies across major markets. Against this backdrop, we remain steadfast in our vision to make the world a better place through responsible infrastructure investment and development. We understand that infrastructure plays a critical role in enabling decarbonisation, strengthening climate resilience, safeguarding biodiversity and supporting inclusive growth.

In alignment with global climate objectives and the accelerating energy transition, investment in decarbonisation, resilient infrastructure and low-carbon technologies continues to be a key strategic focus. During the year, the Group invested approximately HK$12.6 billion in sustainable investment and activities across four principal areas: low-carbon transition technologies, sustainable transportation, asset modernisation and energy efficiency, and water, biodiversity and circular economy initiatives. These investments enhance infrastructure system resilience, support renewable integration, strengthen environmental protection and generate durable long-term value for shareholders.

To facilitate our net-zero transition, we continued to advance our structured low-carbon transition plan built on six strategic levers: decarbonising our generation portfolio; modernising and digitalising electricity networks; reducing methane and carbon emissions; preparing gas networks for renewable gas and hydrogen usage; optimising resource efficiency; and adopting cleaner production and service models through innovation and technology. Together, these levers provide a measurable and disciplined roadmap for achieving our decarbonisation ambitions while ensuring operational reliability.

REPORT OF THE DIRECTORS

BUSINESS REVIEW (CONT'D)

In 2025, the Group recorded a further reduction in Scope 1 and 2 greenhouse gas ("GHG") emissions, decreasing by 4.9% compared with 2024. Our progress remains aligned with our medium- and long-term commitments to reduce Scope 1 and 2 emissions by 50% by 2035 (against a 2020 baseline) and to pursue net zero by 2050. At the same time, sustained investment in climate adaptation and infrastructure resilience remains a priority, as the increasing frequency and severity of extreme weather events continue to place pressure on infrastructure systems. Despite these challenges, our operations maintained strong performance and service reliability throughout the year.

To reinforce our commitment to accountability, transparency and sustainability, we continue to align our disclosures with leading global standards. In addition to maintaining disclosures consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the Group has further advanced its climate-related financial reporting with reference to the Environmental, Social and Governance Reporting Code of The Stock Exchange of Hong Kong Limited ("HK Stock Exchange") and the International Sustainability Standards Board (ISSB) International Financial Reporting Standards (IFRS) S2 Climate-related Disclosure Standard. Our disclosures are supported by a rigorous analytical framework combining Group-wide climate scenario analysis with bottom-up assessments from individual business units, providing stakeholders with clear, decision-useful insights into our climate-related risks, opportunities and strategic responses. Following our listing on the London Stock Exchange plc ("UK Stock Exchange"), we also comply with the relevant Listing Rules of the UK's Financial Conduct Authority and applicable regulatory requirements.

Aligned with our climate initiatives, environmental stewardship and biodiversity conservation remain central to our long-term strategy. Building on the establishment of the Group's Biodiversity Policy in 2024, biodiversity considerations have been further embedded across planning, construction and operational activities. Our businesses have set short-, medium- and long-term commitments to enhance and restore habitats, integrate biodiversity net gain principles and mitigate ecological impacts. These efforts reflect our commitment to protecting natural capital while delivering essential infrastructure services.

The Group's businesses and investments across energy, transportation, water, waste management and related infrastructure are subject to extensive regulatory regimes in the jurisdictions in which they operate. These include frameworks governing gas and electricity distribution, environmental protection, energy efficiency and consumer protection. In key markets, applicable regulations include, for example, the Gas Act 1986 (and associated regulations) and Electricity Safety, Quality and Continuity Regulations in the United Kingdom; the National Gas Law and Rules, Gas Distribution System Code and National Electricity (Victoria) Act 2005 in Australia; the European Union Energy Efficiency Directive in Europe; and the Consumer Protection Act, 2002 (Ontario) and Canadian Environmental Protection Act 1999 in Canada. Each business operates within the scope of its applicable licences and regulatory obligations, and maintains compliance with relevant laws and regulations through established compliance frameworks. These include regular audits, ongoing internal reporting, formal compliance policies and procedures and continuous engagement with relevant regulatory authorities.

The Group continues to engage openly and transparently with key stakeholders, including employees, customers, suppliers, regulators and local communities. Stakeholder input informs our strategic planning, operational improvements and sustainability disclosures. We continue to apply a double materiality approach to identify sustainability topics that are both financially material to the Group and impactful to society and the environment. Key priorities identified during the year include decarbonisation, hydrogen and renewable gas integration, climate resilience and adaptation, biodiversity protection, energy affordability and GHG emissions management.

The Group remains committed to delivering a just and inclusive transition. We recognise that the pathway to a low-carbon future must be orderly, equitable and accessible to all. Our Workforce Diversity Policy continues to guide efforts to foster an inclusive workplace that promotes diversity, gender equality and equal opportunity across all Group companies. Progress is monitored regularly, and training programmes are implemented to embed inclusive principles across our culture, strategy and processes.

Investment in human capital remains fundamental to our long-term resilience. Through structured training, apprenticeship programmes, leadership development and clear career progression pathways, we cultivate a skilled and future-ready workforce capable of navigating technological change and sustainability challenges.

Customer well-being and community resilience are equally important to our sustainability agenda. Our business units continue to implement measures to safeguard health, safety and service reliability, while providing transparent information regarding environmental and operational risks associated with our services. We actively support vulnerable customers through targeted assistance programmes and participation in initiatives such as the Priority Services Register in the UK, ensuring equitable access to essential services. Through community engagement forums and strategic partnerships, we aim to strengthen local resilience and address the root causes of energy affordability and social exclusion.

The Group also recognises the environmental and social impacts that may arise throughout the supply chain. Environmental, Social and Governance ("ESG") factors remain integral to supplier and contractor assessment processes. Regular monitoring, audits and performance evaluations are conducted to ensure alignment with our sustainability standards, with the majority of suppliers participating in formal assessment mechanisms. We continue to collaborate with suppliers to mitigate climate and biodiversity risks and enhance overall supply chain resilience.

Details of the Group's environmental policies and performance, compliance with relevant laws and regulations that have a significant impact on operations and engagement with key stakeholders are set out in the Sustainability Report. The Sustainability Report serves as a comprehensive repository of ESG-related information, including climate-related disclosures prepared in accordance with applicable regulatory and voluntary standards. While it is published as a standalone document, it demonstrates how climate and broader ESG considerations are integrated into our business strategies, governance framework and operational decision-making, reflecting our holistic approach to sustainable infrastructure investment and long-term value creation.

The Sustainability Report has been published on the Company's website (https://www.cki.com.hk), the website of Hong Kong Exchanges and Clearing Limited (https://www.hkexnews.hk) and the National Storage Mechanism (https://data.fca.org.uk/#/rem/nationalstoragemechanism) for inspection and download.

RESULTS AND DIVIDENDS

Results of the Group for the year ended 31st December, 2025 are set out in the Consolidated Income Statement on page 101.

The Directors recommend the payment of a final dividend of HK$1.88 per share which, together with the interim dividend of HK$0.73 per share paid on 24th September, 2025, makes the total dividend of HK$2.61 per share for the year.

GROUP FINANCIAL SUMMARY

Results, assets and liabilities of the Group for the last ten years are summarised on page 5.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

REPORT OF THE DIRECTORS

DIRECTORS

The Directors of the Company in office at the date of this Annual Report are listed on page 222 and their biographical information is set out on pages 66 to 73.

Ms. Koh Poh Wah was appointed as an Independent Non-executive Director of the Company with effect from 1st January, 2026. The Company's Bye-laws provide that any Director appointed by the Board of Directors of the Company (the "Board") as an addition to the Board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election at that meeting. Accordingly, Ms. Koh being the Director so appointed, shall hold office until the forthcoming annual general meeting and, being eligible, offer herself for re-election.

In accordance with the Company's Bye-laws, the Directors of the Company (including Non-executive Directors) shall be subject to retirement by rotation at each annual general meeting. Accordingly, Mr. Victor T K Li, Mr. Fok Kin Ning, Canning, Ms. Chen Tsien Hua, Mrs. Sng Sow-mei alias Poon Sow Mei and Mr. Paul Joseph Tighe will retire by rotation and, being eligible, offer themselves for re-election at the forthcoming annual general meeting.

Each of the Independent Non-executive Directors had made an annual confirmation of independence taking into account the factors referred to in Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HK Listing Rules"). The Company considered that all Independent Non-executive Directors meet the independence guidelines set out in Rule 3.13 of the HK Listing Rules and are independent in accordance with the terms of the guidelines.

ARRANGEMENT TO PURCHASE SHARES OR DEBENTURES

At no time during the year was the Company, its parent company, subsidiary or fellow subsidiary a party to any arrangements which enabled any Director to acquire benefits by means of the acquisition of shares in or debentures of the Company or of any other body corporate.

DIRECTORS' INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

Save for otherwise disclosed under the section headed "Connection Transaction", there were no transactions, arrangements or contracts of significance in relation to the businesses of the Company and its subsidiaries to which the Company or a specified undertaking of the Company was a party and in which a Director of the Company or his/her connected entity had a material interest, whether directly or indirectly, subsisted at any time during the year 2025 and as at the date of this Annual Report.

DIRECTORS' SERVICE CONTRACTS

None of the Directors of the Company has a service contract with the Company which is not determinable by the Company within one year without payment of compensation (other than statutory compensation).

PERMITTED INDEMNITY PROVISION

The Company's Bye-laws and the Bermuda Companies Act provide that the Directors shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, costs, charges, losses, damages and expenses which may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty in their offices, provided that this indemnity shall not extend to any matter in respect of any wilful negligence, wilful default, fraud or dishonesty which may attach to the Directors concerned, or any liability incurred by him in defending any proceedings, whether civil or criminal in which judgement is given against him or in which he is convicted. A Directors Liability Insurance is in place to protect the Directors against potential costs and liabilities arising from claims brought against the Directors.

DIRECTORS' INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES

As at 31st December, 2025, the interests or short positions of the Directors and chief executives of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance ("SFO")) which were notified to the Company and HK Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO), or which were recorded in the register required to be kept by the Company under Section 352 of the SFO, or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the HK Listing Rules ("Model Code"), to be notified to the Company and HK Stock Exchange, were as follows:

(1) Long Positions in Shares

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

REPORT OF THE DIRECTORS

DIRECTORS' INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES (CONT'D)

(1) Long Positions in Shares (Cont'd)

(2) Long Positions in Debentures

Notes:

1. The discretionary beneficiaries of each of The Li Ka-Shing Unity Discretionary Trust ("DT1") and another discretionary trust ("DT2") are, inter alia, Mr. Li Tzar Kuoi, Victor, his wife and children, and Mr. Li Tzar Kai, Richard. Each of the trustees of DT1 and DT2 holds units in The Li Ka-Shing Unity Trust ("UT1") but is not entitled to any interest or share in any particular property comprising the trust assets of the said unit trust. Li Ka-Shing Unity Trustee Company Limited ("TUT1") as trustee of UT1 holds a total of 5,428,000 shares of the Company.

The entire issued share capital of TUT1 and of the trustees of DT1 and DT2 are owned by Li Ka-Shing Unity Holdings Limited ("Unity Holdco"). Mr. Li Ka-shing and Mr. Li Tzar Kuoi, Victor are respectively interested in one-third and two-thirds of the entire issued share capital of Unity Holdco. TUT1 is interested in the shares of the Company by reason only of its obligation and power to hold interests in those shares in its ordinary course of business as trustee and, when performing its functions as trustee, exercises its power to hold interests in the shares of the Company independently without any reference to Unity Holdco or any of Mr. Li Ka-shing and Mr. Li Tzar Kuoi, Victor as a holder of the shares of Unity Holdco as aforesaid.

By virtue of the above and as a director of the Company and a discretionary beneficiary of each of DT1 and DT2, Mr. Li Tzar Kuoi, Victor is taken to have a duty of disclosure in relation to the shares of the Company held by TUT1 as trustee of UT1 under the SFO.

2. The 1,162,632,010 shares in CK Hutchison Holdings Limited ("CK Hutchison") comprise:

(a) 1,005,817,044 shares held by TUT1 as trustee of UT1 together with certain companies which TUT1 as trustee of UT1 is entitled to exercise or control the exercise of one-third or more of the voting power at their general meetings ("TUT1 related companies"). By virtue of being a director of the Company and a discretionary beneficiary of each of DT1 and DT2 as described in Note 1 above, Mr. Li Tzar Kuoi, Victor is taken to have a duty of disclosure in relation to the said shares of CK Hutchison held by TUT1 as trustee of UT1 and TUT1 related companies under the SFO.

(b) 72,387,720 shares held by Li Ka-Shing Castle Trustee Company Limited ("TUT3") as trustee of The Li Ka-Shing Castle Trust ("UT3") together with certain companies which TUT3 as trustee of UT3 is entitled to exercise or control the exercise of one-third or more of the voting power at their general meetings ("TUT3 related companies"). The discretionary beneficiaries of each of the two discretionary trusts ("DT3" and "DT4") are, inter alia, Mr. Li Tzar Kuoi, Victor, his wife and children, and Mr. Li Tzar Kai, Richard. Each of the trustees of DT3 and DT4 holds units in UT3 but is not entitled to any interest or share in any particular property comprising the trust assets of the said unit trust.

The entire issued share capital of TUT3 and of the trustees of DT3 and DT4 are owned by Li Ka-Shing Castle Holdings Limited ("Castle Holdco"). Mr. Li Ka-shing and Mr. Li Tzar Kuoi, Victor are respectively interested in one-third and two-thirds of the entire issued share capital of Castle Holdco. TUT3 is only interested in the shares of CK Hutchison by reason only of its obligation and power to hold interests in those shares in its ordinary course of business as trustee and, when performing its functions as trustee, exercises its power to hold interests in the shares of CK Hutchison independently without any reference to Castle Holdco or any of Mr. Li Ka-shing and Mr. Li Tzar Kuoi, Victor as a holder of the shares of Castle Holdco as aforesaid.

By virtue of the above and as a director of the Company and a discretionary beneficiary of each of DT3 and DT4, Mr. Li Tzar Kuoi, Victor is also taken to have a duty of disclosure in relation to the said 72,387,720 shares of CK Hutchison held by TUT3 as trustee of UT3 and TUT3 related companies under the SFO.

(c) 84,427,246 shares held by a company controlled by Li Ka-Shing Castle Trustee Corporation Limited as trustee of DT3.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

REPORT OF THE DIRECTORS

DIRECTORS' INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES (CONT'D)

Notes: (cont'd)

3. The 2,572,350 shares in CK Hutchison comprise:

(a) 2,272,350 shares held by certain companies in which Mr. Li Tzar Kuoi, Victor is entitled to exercise or control the exercise of one-third or more of the voting power at their general meetings.

(b) 300,000 shares held by Li Ka Shing Foundation Limited ("LKSF"). By virtue of the terms of the constituent documents of LKSF, Mr. Li Tzar Kuoi, Victor may be regarded as having the ability to exercise or control the exercise of one-third or more of the voting power at general meetings of LKSF.

4. Such interests are held by a company of which Mr. Li Tzar Kuoi, Victor is entitled to exercise or control the exercise of one-third or more of the voting power at its general meetings.

5. The 5,170,000 share stapled units in HK Electric Investments and HK Electric Investments Limited ("HKEl") are held by LKSF. By virtue of the terms of the constituent documents of LKSF, Mr. Li Tzar Kuoi, Victor may be regarded as having the ability to exercise or control the exercise of one-third or more of the voting power at general meetings of LKSF.

6. The 2,700,000 share stapled units in HKEl are held by TUT1 as trustee of UT1. By virtue of being a director of the Company and a discretionary beneficiary of each of DT1 and DT2 as described in Note 1 above, Mr. Li Tzar Kuoi, Victor is taken to have a duty of disclosure in relation to the said 2,700,000 shares stapled units of HKEl held by TUT1 as trustee of UT1 under the SFO.

7. The 353,047,203 shares in Hutchison Telecommunications Hong Kong Holdings Limited ("HTHK") comprise:

(a) 2,519,250 shares held by certain companies in which Mr. Li Tzar Kuoi, Victor is entitled to exercise or control the exercise of one-third or more of the voting power at their general meetings.

(b) 350,527,953 shares held by LKSF. By virtue of the terms of the constituent documents of LKSF, Mr. Li Tzar Kuoi, Victor may be regarded as having the ability to exercise or control the exercise of one-third or more of the voting power at general meetings of LKSF.

8. The 53,604,826 shares in HTHK comprise:

(a) 153,280 shares held by TUT3 as trustee of UT3. By virtue of being a director of the Company and a discretionary beneficiary of each of DT3 and DT4 as described in Note 2(b) above, Mr. Li Tzar Kuoi, Victor is taken to have a duty of disclosure in relation to the said 153,280 shares of HTHK held by TUT3 as trustee of UT3 under the SFO.

(b) 53,451,546 shares held by TUT1 as trustee of UT1 together with a company which TUT1 as trustee of UT1 is entitled to exercise or control the exercise of one-third or more of the voting power at its general meetings ("TUT1 related company"). By virtue of being a director of the Company and a discretionary beneficiary of each of DT1 and DT2 as described in Note 1 above, Mr. Li Tzar Kuoi, Victor is taken to have a duty of disclosure in relation to the said 53,451,546 shares of HTHK held by TUT1 as trustee of UT1 and TUT1 related company under the SFO.

9. Such interests are held by a company which is equally owned by Mr. Fok Kin Ning, Canning and his wife.

10. Such interests comprise 184,000 shares held by a company controlled by a trust under which Mr. George Colin Magnus is a discretionary beneficiary and 649,868 shares indirectly held by a trust of which Mr. George Colin Magnus is the settlor and a discretionary beneficiary.

11. Such 527 shares are jointly held by Mr. Man Ka Keung, Simon and his daughter.

Save as disclosed above, none of the Directors or chief executives of the Company had, as at 31st December, 2025, any interests or short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which would have to be notified to the Company and the HK Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO), or which were recorded in the register required to be kept by the Company under Section 352 of the SFO, or which were required to be notified to the Company and the HK Stock Exchange pursuant to the Model Code.

INTERESTS AND SHORT POSITIONS OF SHAREHOLDERS

So far as is known to any Director or chief executive of the Company, as at 31st December, 2025, shareholders (other than Directors or chief executives of the Company) who had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO were as follows:

Long Positions of Substantial Shareholders in the Shares of the Company

Notes:

i. This represents the same block of shares in the Company as shown against the name of Hutchison Infrastructure Holdings Limited ("HIHL") above. Since HIHL is equally controlled by Aspire Rich Limited ("Aspire Rich") and Robust Faith Limited ("Robust Faith"), each of Aspire Rich and Robust Faith is deemed to be interested in the same number of shares in which HIHL is interested under the SFO.

ii. As Aspire Rich is wholly-owned by CK Hutchison Capital Securities (2) Limited ("CK 2"), CK 2 is deemed to be interested in the same number of shares in which Aspire Rich is deemed to be interested under the SFO.

iii. As Robust Faith is wholly-owned by CK Hutchison Capital Securities (3) Limited ("CK 3"), CK 3 is deemed to be interested in the same number of shares in which Robust Faith is deemed to be interested under the SFO.

iv. As CK 2 and CK 3 are wholly-owned by CK Hutchison Global Investments Limited ("CK Global"), CK Global is deemed to be interested in the same number of shares in which CK 2 and CK 3 are deemed to be interested under the SFO.

v. As CK Global is wholly-owned by CK Hutchison Holdings Limited ("CK Hutchison"), CK Hutchison is deemed to be interested in the same number of shares in which CK Global is deemed to be interested under the SFO.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

REPORT OF THE DIRECTORS

Save as disclosed above, as at 31st December, 2025, the Company had not been notified by any persons (other than Directors or chief executives of the Company) who had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.

CONNECTED TRANSACTION

After trading hours on 25th February, 2026 and before trading hours on 26th February, 2026 in Hong Kong, London and Paris, CKI Number 1 Limited ("CKI Sub", an indirect wholly-owned subsidiary of the Company), Eagle Insight International Limited ("CKA Sub", an indirect wholly-owned subsidiary of CK Asset Holdings Limited ("CKA"), Devin International Limited ("PAH Sub", an indirect wholly-owned subsidiary of Power Assets Holdings Limited ("PAH"), Engie UK 2026 Limited (the "Purchaser") and Engie Group Participations SA (as Purchaser's guarantor) entered into a share purchase agreement (the "SPA") in relation to the disposal to the Purchaser of (a) all of the issued share capital of UK Power Networks Holdings Limited (the "Target", owned by CKI Sub as to 40%, CKA Sub as to 20% and PAH Sub as to 40%) (the "Sale Shares"); and (b)(i) the GBP689,180,000 8.125% loan notes due 2051 issued by the Target and (ii) the GBP85,000,000 8.125% loan notes due 2051 issued by a wholly-owned subsidiary of the Target (in each case, along with the related note purchase agreements and the related facility agreements) (the "Shareholder Debt Instruments") (the "Disposal"), completion of which is subject to fulfilment of conditions pursuant to the SPA. The consideration payable by the Purchaser for CKI Sub's Sale Shares and CKI Sub's Shareholder Debt Instruments is GBP4,219,200,000 (equivalent to approximately HK$44,301,600,000) (subject to customary adjustments).

Under the Disposal, ENGIE S.A. ("Engie") has entered into a guarantee agreement dated 25th February, 2026, under which Engie will guarantee the payment of the purchase price by the Purchaser under the SPA. Each of the Company, CKA and PAH has entered into separate guarantee letters on 25th February, 2026 (London time) addressed to the Purchaser, under which the Company, CKA and PAH guarantee the performance of CKI Sub's, CKA Sub's and PAH Sub's obligations under the SPA, respectively. The rights and obligations of each of CKI Sub, CKA Sub and PAH Sub under the SPA are on a several basis, and each of CKI Sub, CKA Sub and PAH Sub will only have rights and obligations to the extent they relate to the Sale Shares or the Shareholder Debt Instruments it agrees to sell, or procure to sell, under the SPA.

CKA has been deemed by the HK Stock Exchange to be a connected person of CK Hutchison under the HK Listing Rules. As wholly-owned subsidiaries of CK Hutchison held approximately 75.67% of the issued share capital of the Company, CKA may be regarded as a connected person of the Company under the HK Listing Rules. Accordingly, CKI Sub's Disposal constitutes a connected transaction of the Company. CKI Sub's Disposal will be subject to the Company's compliance with the announcement, reporting, circular and independent shareholders' approval requirements under the HK Listing Rules.

Please refer to the announcement issued by the Company on 26th February, 2026 and the circular despatched by the Company in relation to CKI Sub's Disposal for further information on CKI Sub's Disposal.

The special general meeting of the Company is scheduled to be held on 27th April, 2026.

MAJOR CUSTOMERS AND SUPPLIERS

During the year, the Group's five largest customers accounted for less than 30 per cent of the Group's sales of goods or services and the Group's five largest suppliers accounted for less than 30 per cent of the Group's purchases.

DIRECTORS' INTERESTS IN COMPETING BUSINESSES

During the year, the interests of Directors in the businesses which compete or are likely to compete, either directly or indirectly, with the businesses of the Group ("Competing Business") as required to be disclosed pursuant to the HK Listing Rules were as follows:

(a) Core Business Activities of the Group

(1) Development, investment and operation of energy infrastructure; (2) Development, investment and operation of transportation infrastructure; (3) Development, investment and operation of water infrastructure; (4) Development, investment and operation of waste management infrastructure and waste-to-energy infrastructure; (5) Development, investment and operation of household infrastructure; (6) Development, investment and operation and commercialisation of infrastructure related business; (7) Investment holding and project management; and (8) Securities investment.

(b) Interests in Competing Business

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

REPORT OF THE DIRECTORS

DIRECTORS' INTERESTS IN COMPETING BUSINESSES (CONT'D)

(b) Interests in Competing Business (Cont'd)

Notes:

i. Such businesses may be conducted through subsidiaries, associated companies or by way of other forms of investments. ii. Mr. George Colin Magnus was a Non-executive Director of CK Hutchison Holdings Limited before his retirement took effect on 21st March, 2025. iii. Mr. Man Ka Keung, Simon is a director of certain direct and/or indirect unlisted holding companies of the entity. iv. Ms. Eirene Yeung is a director of a direct unlisted holding company of the entity or certain indirect unlisted holding companies of the entity. v. The divestment of Project UK Rails by Eversholt UK Rails Group Limited was completed in January 2026.

Save as disclosed above, none of the Directors is interested in any business apart from the Group's businesses which competes or is likely to compete, either directly or indirectly, with businesses of the Group.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company's Bye-laws and there are no restrictions against such rights under the laws of Bermuda.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

During the year ended 31st December, 2025, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities (including sale of treasury share). As at 31st December, 2025, the Company and its subsidiaries did not hold any treasury shares whether in the Central Clearing and Settlement System, or otherwise.

EQUITY-LINKED AGREEMENTS

For the year ended 31st December, 2025, the Company has not entered into any equity-linked agreement, and there did not subsist any equity-linked agreement entered into by the Company as at 31st December, 2025.

MANAGEMENT CONTRACTS

No contracts concerning to the management and administration of the whole or any substantial part of any business of the Group were entered into or existed during the year.

SUFFICIENCY OF PUBLIC FLOAT

As announced by the Company on 8th January, 1997 and 17th February, 1997, the HK Stock Exchange granted a waiver from strict compliance with Rule 8.08 of the HK Listing Rules to the Company on 9th January, 1997 subject to approximately not less than 15.2 per cent of the issued share capital of the Company being held in public hands. Based on information publicly available to the Company or otherwise within the knowledge of the Directors, the obligation has been complied with as at 31st December, 2025.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

REPORT OF THE DIRECTORS

SUFFICIENCY OF PUBLIC FLOAT (CONT'D)

As at 31st December, 2025, the public float of the Company was approximately 24.0967 per cent. The composition of ownership of the relevant issued shares listed on HK Stock Exchange and UK Stock Exchange, and the Company's share capital structure, as at 31st December, 2025 are set out below:

Notes:

1. This includes the shares held by its close associates as disclosed pursuant to Part XV of the SFO.
2. For further details, please refer to the section headed "Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures" of this annual report.
3. This includes the shares held by his close associates as disclosed pursuant to Part XV of the SFO.
4. These "other persons" include (a) persons who are core connected persons of the Company, only because of such persons' connection with the Company's subsidiaries, or a close associate of any of them; and (b) those who are accustomed to take instructions from core connected person(s) of the Company.

The above statements are made on the basis of information publicly available to the Company or otherwise within the knowledge of the Directors as at the date of this annual report.

DONATIONS

Donations made by the Group during the year amounted to HK$1,685,000.

DISCLOSURE UNDER CHAPTER 13 OF THE HK LISTING RULES

The following information is disclosed in accordance with Rule 13.22 of Chapter 13 of the HK Listing Rules:

As at 31st December, 2025, the Group's financial assistance to certain affiliated companies exceeded the assets ratio of 8 per cent. A combined statement of financial position of the affiliated companies as at 31st December, 2025 is set out below:

As at 31st December, 2025, the consolidated attributable interest of the Group in these affiliated companies amounted to HK$86,154 million.

AUDIT COMMITTEE

The Group's annual report for the year ended 31st December, 2025 has been reviewed by the audit committee of the Company ("Audit Committee"). Information on the work of Audit Committee and its composition are set out in the Corporate Governance Report on pages 176 to 179.

AUDITOR

The financial statements for the year have been audited by Messrs. Deloitte Touche Tohmatsu who retire and offer themselves for re-appointment at the 2026 annual general meeting.

On behalf of the Board

VICTOR T K LI

Chairman

18th March, 2026

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025 96

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that to the best of their knowledge:

• the consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board and HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants, and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and
• that the management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that they face.

On behalf of the Board

VICTOR T K LI

Chairman

18th March, 2026

INDEPENDENT AUDITOR'S REPORT

Deloitte®

德勤

TO THE MEMBERS OF CK INFRASTRUCTURE HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of CK Infrastructure Holdings Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") set out on pages 101 to 159, which comprise the consolidated statement of financial position as at 31st December, 2025, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31st December, 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") and HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants (the "Code"), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTER

Key audit matter is the matter that, in our professional judgement, was of most significance in our audit of the consolidated financial statements of the current period. The matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on the matter.

INDEPENDENT AUDITOR'S REPORT

KEY AUDIT MATTER (CONT'D)

Valuation of interests in joint ventures

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the IASB and HKFRS Accounting Standards issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion solely to you, as a body, in accordance with Section 90 of Bermuda Companies Act, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

INDEPENDENT AUDITOR'S REPORT

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (CONT'D)

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Hung Suk Fan (practising certificate number: P06148).

Deloitte Touche Tohmatsu Certified Public Accountants Hong Kong 18th March, 2026

CONSOLIDATED INCOME STATEMENT

for the year ended 31st December

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31st December

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31st December

VICTOR T K LI Director

IP TAK CHUEN, EDMOND Director

18th March, 2026

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31st December

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31st December

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

106 CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025 107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL

CK Infrastructure Holdings Limited (the "Company") is a limited liability company incorporated in Bermuda and its shares are listed on The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange") and The London Stock Exchange plc ("London Stock Exchange"). The addresses of its registered office and principal place of business are disclosed in the section headed "Corporate Information" of the Annual Report of the Company and its subsidiaries (collectively, the "Group"). The Company's ultimate holding company is CK Hutchison Holdings Limited ("CK Hutchison"), a company incorporated in the Cayman Islands with limited liability, the shares of which are listed on Hong Kong Stock Exchange.

The consolidated financial statements are presented in Hong Kong dollars, which is the same as the functional currency of the Company.

The Group's principal activities are the development, investment and operation of infrastructure businesses in Hong Kong, Chinese Mainland, the United Kingdom, Continental Europe, Australia, New Zealand, Canada and the United States.

The Directors are of the opinion that, taking into account of the available banking facilities and internal financial resources of the Group, the Group has sufficient working capital for its present requirements within one year from the end of the reporting period. Hence, the consolidated financial statements have been prepared on a going concern basis.

2. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards issued by the International Accounting Standards Board (the "IASB") and HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on Hong Kong Stock Exchange and by the Hong Kong Companies Ordinance.

The consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at fair values, as explained in the material accounting policies set out below.

In the current year, the Group has adopted the amendments to IFRS Accounting Standards issued by the IASB and HKFRS Accounting Standards issued by the HKICPA that are effective to the Group for accounting period beginning on 1st January, 2025. The adoption of both amendments to IFRS Accounting Standards and HKFRS Accounting Standards has no material impact on the Group's results and financial position for the current or prior years and does not result in any significant change in accounting policies of the Group.

2. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS (CONT'D)

The Group has not early adopted the following new and amendments to IFRS Accounting Standards issued by the IASB and HKFRS Accounting Standards issued by the HKICPA that have been issued but are not yet effective. The Group is continuing to assess the implication of the adoption of these standards. Except for the adoption of IFRS 18/HKFRS 18 which is expected to affect the presentation of the consolidated statement of profit or loss and disclosures in the future consolidated financial statements, the Directors anticipate that the adoption of both new and amendments to IFRS Accounting Standards and HKFRS Accounting Standards listed below will have no material impact on the results and financial position of the Group.

3. MATERIAL ACCOUNTING POLICIES

(a) Basis of Consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries made up to the year together with the Group's interests in associates and joint ventures on the basis set out in (e) below.

The results of subsidiaries, share of results of associates and joint ventures acquired or disposed of during the year are included in the consolidated income statement from the date the Group gains control/exercises significant influences/gains joint control until the date when the Group ceases to control/ceases to exercise significant influences/ceases to joint control, as appropriate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(b) Goodwill

In relation to business combination that took place on or after 1st January, 2010, goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the subsidiaries, and the fair value of the Group's previously held equity interests in the subsidiaries (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

Goodwill recognised prior to 1st January, 2010 was measured as the excess of costs of acquisition over the net fair value of the Group's share of the identifiable assets, liabilities and contingent liabilities of the subsidiaries, associates and joint ventures acquired.

Goodwill is recognised as an asset less any identified impairment loss. Goodwill recognised in reserves prior to 1st January, 2001 continues to be held in the reserves and are transferred to retained profits when the business to which the goodwill relates is disposed of or becomes impaired.

For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units that is expected to benefit from the synergies of the business acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in subsequent periods.

On disposal of a subsidiary, associate, joint venture or relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the gain or loss on disposal.

(c) Intangible Assets

Intangible assets with finite useful lives that are acquired separately are carried at costs less accumulated amortisation and any accumulated impairment losses. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date. Subsequent to initial recognition, intangible assets acquired in a business combination are carried at cost less accumulated amortisation and accumulated impairment losses.

Amortisation of intangible assets is provided over their estimated useful lives using the straight-line method, at the following rates per annum:

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(c) Intangible Assets (Cont'd)

The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired through business combination are carried at cost less accumulated impairment losses.

The useful life of the resource consents for the landfills is dependent on the total capacity of the landfills, the level of tonnage of waste, the compacting rate and other variable. As such the landfills useful life is reassessed annually and the amortisation rate of the landfills resource consents is adjusted accordingly.

The carrying amount of intangible assets with indefinite useful life is tested for impairment annually. The carrying amount of intangible assets with finite useful life is reviewed for indications of impairment at the end of each reporting period. An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.

An intangible asset is derecognised on disposal, or when no future economic benefits are expected. Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.

(d) Subsidiaries

A subsidiary is an entity that is controlled by the Company. The Company controls an entity when it has power over the investees; it is exposed, or has rights, to variable returns from its involvement with the entity; and has the ability to affect those returns through its power over the entity.

The acquisition of a subsidiary is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. After 1st January, 2010, acquisition-related costs are generally recognised in profit or loss as incurred.

Prior to 1st January, 2010, any costs directly attributable to business combination were included as part of the cost of the acquisition.

The acquiree's identifiable assets, liabilities and contingent liabilities, where appropriate, are recognised at their fair values at the acquisition date.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(e) Associates and Joint Ventures

An associate is a company, other than a subsidiary or joint venture, in which the Group has a long-term equity interest and over which the Group is in a position to exercise significant influence over its management, including participation in the financial and operating policy decisions.

A joint venture is a contractual arrangement whereby the venturers agree to share control of the arrangement which exists only when the decisions about the relevant activities require unanimous consent of the parties sharing control, and have rights to the net assets of the arrangement.

The results and assets and liabilities of associates/joint ventures are incorporated in the Group's consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates/joint ventures are carried in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group's share of profit or loss and other comprehensive income of the associate or joint venture, less impairment in the values of individual investments. Changes in net assets of the associate/joint venture other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group.

Losses of an associate/joint venture in excess of the Group's interest in that associate/joint venture (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate/joint venture) are not recognised.

(f) Property, Plant and Equipment

Property, plant and equipment, other than freehold land, are stated at cost less accumulated depreciation and any impairment losses. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use, including costs of testing whether the related asset is functioning properly.

Freehold land is not depreciated. Depreciation of property, plant and equipment is provided to write off their depreciable amounts over their estimated useful lives using the straight-line method, at the following rates per annum:

When an asset is disposed of or retired, any gain or loss, representing the difference between the carrying value and the sales proceeds, if any, is included in the consolidated income statement.

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(g) Investment Properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are stated at its fair value at the end of the reporting period. Gains or losses arising from changes in the fair values of investment properties are recognised in the consolidated income statement for the period in which they arise.

(h) Inventories

Inventories are stated at the lower of cost, computed on a weighted-average or a first-in first-out basis as appropriate, and net realisable value. Cost includes cost of purchase and where applicable, cost of conversion and other costs that have been incurred in bringing the inventories to their present location and condition. Net realisable value is determined on the basis of anticipated sales proceeds less estimated costs to completion and costs necessary to make the sale.

(i) Financial Instruments

Investments in securities

Equity securities and debt securities are classified as "financial assets at fair value through profit or loss" and "financial assets at amortised cost", respectively, according to the business model.

Financial assets at fair value through profit or loss are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Other investments

Other investments are classified as financial assets at fair value through profit or loss in accordance with IFRS 9/HKFRS 9.

Derivative financial instruments and hedge accounting

Derivative financial instruments are initially measured at fair values on the dates at which the contracts are entered into, and are remeasured to their fair values at subsequent reporting dates.

Hedging accounting relationships are aligned with the Group's risk management objectives and strategy.

Changes in the fair values of derivative financial instruments that are designated as effective in hedging future cash flows are recognised directly in hedging reserve. Amounts deferred in the equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. Any ineffective portion is recognised immediately in the consolidated income statement.

Changes in fair values of derivative financial instruments that are designated and qualify as net investment hedges are recognised directly in exchange translation reserve. Any ineffective portion is recognised immediately in the consolidated income statement.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(i) Financial Instruments (Cont'd)

Derivative financial instruments and hedge accounting (Cont'd)

Changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the consolidated income statement.

The Group discontinues hedge accounting prospectively only when the hedging relationship ceases to meet the qualifying criteria, including instances when the hedging instrument expires or is sold, terminated or exercised. Discontinuing hedge accounting can either affect a hedging relationship in its entirety or only a part of it, in which case hedge accounting continues for the remainder of the hedging relationship. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the hedged risk associated with the hedged item is ultimately recognised in profit or loss. The cumulative gain or loss that was deferred in equity is recognised immediately in profit or loss when a forecast transaction is no longer expected to occur in relation to hedging of a forecast transaction.

Debtors

Debtors are classified as financial assets at amortised cost in accordance with IFRS 9/HKFRS 9, and subsequently measured at amortised cost using the effective interest method.

Appropriate allowances for expected credit loss are recognised in the consolidated income statement to reflect the initial expected credit losses and the changes in credit risk since initial recognition.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Bank and other loans

Interest-bearing bank and other loans are initially measured at fair values, and are subsequently measured at amortised cost, using the effective interest method.

Creditors

Creditors are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method.

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Perpetual capital securities issued by the Group are classified as equity instruments and are initially recorded at the proceeds received.

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(i) Financial Instruments (Cont'd)

Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantee contract liabilities are measured initially at their fair values. It is subsequently measured at the higher of the initial fair value less subsequent amortisation and the amount of the expected loss determined in accordance with IFRS 9/HKFRS 9.

Fair value

Fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices. Fair value of derivative financial instruments and certain financial assets not traded on active liquid markets are determined with reference to fair value estimated by independent professionals or the present value of the estimated future cash flows discounted at the effective interest rate.

Impairment

The Group recognises a loss allowance for expected credit loss on financial assets and financial guarantee which are subject to impairment under IFRS 9/HKFRS 9. The amount of expected credit loss is updated at each reporting date to reflect changes in credit risk since initial recognition.

Lifetime expected credit loss represents the expected credit loss that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month expected credit loss represents the portion of lifetime expected credit loss that is expected to result from default events that are possible within 12 months after the reporting date.

The Group recognises lifetime expected credit loss for trade receivables. For all other financial instruments, the Group measures the loss allowance equal to 12-month expected credit loss, unless when there has been a significant increase in credit risk since initial recognition, in which case the Group recognises lifetime expected credit loss.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(j) Revenue Recognition

Sales of goods

Revenue from sales of goods is recognised when a performance obligation is satisfied, which is recognised at a point in time, based on the timing of control of the goods underlying the particular performance obligation being transferred to the customer.

Revenue is measured at the fair value of the consideration received or receivable and is arrived at after deduction of any sales returns and discounts and taxes.

Sales of services

Revenue from sales of services is recognised when a performance obligation is satisfied, which is recognised at a point in time, based on the timing of control of the services underlying the particular performance obligation being transferred to the customer.

Interest income

Interest income from a financial asset excluding financial assets at fair value through profit or loss is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.

(k) Foreign Currencies

The individual financial statements of each group entity is prepared and presented in the currency of the primary economic environment in which the entity operates ("functional currency"). For the purpose of the consolidated financial statements, the result and financial position of each entity are presented in Hong Kong dollars, which is the functional currency of the Company and the presentation currency for the consolidated financial statements.

In preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency ("foreign currencies") are recorded at the rates of exchange prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the consolidated income statement for the year, except for exchange differences arising on a monetary item that forms part of the Group's net investment in a foreign operation, in which case, such exchange differences are recognised directly in other comprehensive income. Exchange differences arising on the retranslation of non-monetary items carried at fair values are included in the consolidated income statement for the year except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in other comprehensive income and accumulated in equity.

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(k) Foreign Currencies (Cont'd)

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated into Hong Kong dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the year, unless exchange rates fluctuated significantly during that year, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are classified as other comprehensive income and included in the Group's exchange translation reserve. Such translation differences are recognised in the consolidated income statement in the year in which the foreign operation is disposed of.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of the reporting period. Exchange differences arising are recognised in the exchange translation reserve.

(l) Taxation

Hong Kong Profits Tax is provided for at the prevailing tax rate on the estimated assessable profits less available tax relief for losses brought forward of each individual company comprising the Group. Overseas tax is provided for at the applicable local tax rates on the estimated assessable profits less available tax losses of the individual company concerned.

Deferred tax is provided for all temporary differences arising between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit of the corresponding year. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and at the time of the transaction does not give rise to equal taxable and deductible temporary differences.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. MATERIAL ACCOUNTING POLICIES (CONT'D)

(m) Leases

For lessees, right-of-use assets and lease liabilities are recognised at the lease commencement date, except for leases with a lease term of 12 months or less, or those low-value assets, which are recognised as expenses on a straight-line basis over the lease terms.

Lease liabilities are initially measured at the present value of the remaining lease payments with reference to an expected lease term, which includes optional lease periods when the lessee is reasonably certain to exercise the option to extend or not to terminate the lease. The remaining lease payments are discounted using the interest rate implicit in the lease. If the interest rate implicit in the lease is not readily determinable, the Group uses the incremental borrowing rate at the lease commencement date. Subsequently, lease liabilities are adjusted by interest accretion and lease payments. Lease payments are separated into principal portion and interest portion and presented within financing activities in the consolidated statement of cash flows.

At inception, the right-of-use assets comprise the initial lease liabilities, initial direct costs and the obligation to restore the asset, less any incentive granted by the lessor. The right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset. The carrying amount of right-of-use assets is reviewed for indications of impairment at the end of each reporting period. All impairment loss is recognised in profit or loss if the carrying amount of an asset exceeds its recoverable amount.

(n) Employee Retirement Benefits

The Group operates defined contribution and defined benefit retirement plans for its employees.

The costs of defined contribution plans are charged to the consolidated income statement as an expense when employees have rendered service entitling them to the contributions.

The cost of providing retirement benefits under the Group's defined benefit retirement plans is determined using the projected unit credit method, with actuarial valuations being carried out annually. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the consolidated statement of financial position with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained profits and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of a plan amendment or curtailment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. The amount recognised in the consolidated statement of financial position represents the actual deficit or surplus in the Group's defined benefit plans. Any surplus resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plans.

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group's major financial instruments include other financial assets, derivative financial instruments, bank balances and deposits, bank and other loans, debtors and creditors. Details of these financial instruments are disclosed in the respective notes. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

(a) Currency Risk

The Group is exposed to currency risk primarily arising from foreign investments and borrowings denominated in currencies other than the functional currency of individual subsidiaries, which accounted for 4 per cent of the Group's borrowings (2024: 4 per cent). The Group generally hedges those investments with the appropriate level of borrowings denominated in the local currencies of relevant countries. The Group also entered into currency derivatives to hedge most foreign investments financed by internal resources. Given this, the management considers that the net exposure to currency risk is kept to an appropriate level. Details of the currency derivatives entered into by the Group at the end of the reporting period are set out in note 20.

The Group is also exposed to currency risk arising from bank deposits denominated in foreign currencies, which accounted for 87 per cent of the Group's bank balances and deposits at the end of the reporting period (2024: 75 per cent). Those bank balances and deposits are mainly denominated in United States dollars, Australian dollars, Pounds sterling, Canadian dollars, New Zealand dollars, Euros and Renminbi. The management maintains the portfolio of bank deposits denominated in different currencies and the exposure to currency risk is kept to an appropriate level.

Sensitivity analysis

The following table indicates the approximate change in the Group's profit for the year and other comprehensive income in response to a 5 per cent strengthening in foreign currencies (except for United States dollars) against Hong Kong dollars to which the Group has significant exposure related to monetary financial assets and liabilities and derivative financial instruments in existence at the end of the reporting period:

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

(a) Currency Risk (Cont'd)

Sensitivity analysis (Cont'd)

A 5 per cent weakening in the above foreign currencies against Hong Kong dollars would have had an equal but opposite effect on the Group's profit for the year and other comprehensive income.

The sensitivity analysis has been determined assuming that the change in foreign exchange rates had occurred at the end of the reporting period and had been applied to each of the Group's entities exposure to currency risk for both monetary financial assets and liabilities and derivative financial instruments in existence at that date, and that all other variables, in particular interest rates, remain constant.

The stated changes represent management's assessment of reasonably possible changes in foreign exchange rates over the period until the end of the next reporting period. In this respect, the management does not expect any significant movements in the pegged rate of 7.8 between the United States dollars and Hong Kong dollars. It is also assumed that such pegged rate would be materially unaffected by any changes in movement in value of the United States dollars against other currencies.

(b) Interest Rate Risk

The Group's interest rate risk relates primarily to floating rate borrowings and deposits. In relation to these floating rate borrowings, the management aims at keeping borrowings at fixed rates at appropriate level by entering into interest rate swaps. In order to achieve this result, the Group entered into interest rate swaps to hedge against certain exposures to changes in interest rates of the borrowings.

Details of the Group's interest rate swaps and borrowings entered into by the Group at the end of the reporting period are set out in notes 20 and 25, respectively.

Sensitivity analysis

At 31st December, 2025, it is estimated that a general increase of 100 basis points in interest rates, with all other variables held constant, would decrease the Group's profit for the year by HK$62 million (2024: HK$27 million). Other comprehensive income would increase by HK$205 million (2024: HK$4 million) in response to the general increase in interest rates. A decrease of 100 basis points in interest rate would have had an equal but opposite effect on the Group's profit for the year and other comprehensive income.

The sensitivity analysis above has been determined assuming that the change in interest rates had occurred at the end of the reporting period and had been applied to the exposure to interest rate risk for both derivative and non-derivative financial instruments in existence at that date. The 100 basis points increase represents management's assessment of a reasonably possible change in interest rates over the period until the end of the next reporting period.

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

(c) Credit Risk

The Group's credit risk is primarily attributable to derivative financial instruments entered into for hedging purposes, bank balances and deposits, trade debtors and other receivables.

In respect of trade debtors and other receivables, local management teams of subsidiaries are responsible for monitoring the procedures to ensure that follow-up actions are taken to recover overdue debts of the subsidiaries. In addition, the teams perform impairment assessment under expected credit loss model based on provision matrix or individual assessment on each debt at the end of the reporting period in relation to waste management services and sales of infrastructure materials to ensure that adequate impairment losses are recognised. Normally, the Group does not obtain collateral covering the outstanding balances.

The Group recognises lifetime expected credit loss for trade receivables. For all other financial instruments, the Group measures the loss allowance equal to 12-month expected credit loss, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime expected credit loss.

The estimated loss rates are estimated based on historically observed default rates over the expected life of the debtors and are adjusted for forward-looking information that is available without undue cost or effort.

Transactions involving derivative financial instruments and liquid funds are also with banks or financial institutions of high credit standing.

The Group's maximum exposure to credit risk in the event of the counterparties' failure to perform their obligations at the end of the reporting period in relation to each class of recognised financial assets is the carrying amount of those assets as stated in the consolidated statement of financial position. The Group does not provide any guarantees which would expose the Group to credit risk.

Further quantitative disclosures in respect of the Group's exposure to credit risk arising from trade debtors and other receivables are set out in note 23.

The Group has no significant concentration of credit risk, with exposure spread over a number of counterparties and customers.

(d) Liquidity Risk

The Group's treasury activities are centralised to achieve better risk control and minimise the cost of funds. Cash is generally placed in short-term deposits mostly denominated in United States dollars, Hong Kong dollars, Australian dollars, Pounds sterling, Canadian dollars, New Zealand dollars, Euros and Renminbi. The management aims to maintain a balance between continuity of adequate funding and the flexibility through the use of bank and other borrowings. The Group's liquidity and financing requirements are reviewed regularly to mitigate the effects of fluctuations in cash flows. The management will consider new financing while maintaining appropriate gearing for new investments and refinancing of existing debts.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

(d) Liquidity Risk (Cont'd)

The following table details the remaining contractual maturities at the end of the reporting period of the Group's non-derivative financial liabilities and derivative financial assets and liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay:

(e) Other Price Risk

The Group is exposed to other price risk through its investments in securities and other investments as set out in note 19. The management manages this exposure by maintaining a portfolio of investments with different risks. For strategic purposes, the Group holds primarily equity or debt instruments operating in energy sector.

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

(e) Other Price Risk (Cont'd)

Sensitivity analysis

At 31st December, 2025, it is estimated that a 5 per cent decrease in the prices of the respective instruments, with all other variables held constant, would decrease the Group's profit for the year by HK$62 million (2024: HK$77 million). A 5 per cent increase in prices would have had an equal but opposite effect on the Group's profit for the year and other comprehensive income.

The sensitivity analysis above has been determined assuming that the change in prices had occurred at the end of the reporting period and had been applied to the exposure to price risk for the Group's investments in securities and other investments at fair value in existence at that date (as set out in note 19). The 5 per cent decrease in prices represents management's assessment of a reasonably possible change in the prices of those instruments over the period until the end of the next reporting period.

(f) Fair Value

Except for certain investments in securities which are stated at cost, the carrying values of all financial assets and financial liabilities approximate to their fair values.

The fair value of the Group's financial instruments and non-financial instruments are grouped into Level 1 to 3 with reference to the observability and significance of the inputs used in the valuation technique as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

At 31st December, 2025, investment properties amounting to HK$381 million (2024: HK$389 million) and unlisted investment in securities amounting to HK$46 million (2024: HK$350 million) were measured at fair value based on value inputs, other than quoted prices, that are observable either directly or indirectly. Other investments amounting to HK$1,189 million (2024: HK$1,189 million) were measured at fair value based on value inputs that are not observable market data but change of these value inputs to reasonable possible alternatives would not have material effect on the Group's results and financial position.

Derivative financial instruments were measured at fair value based on value inputs, other than quoted prices, that are observable either directly or indirectly.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT'D)

(g) Offsetting Financial Assets and Financial Liabilities

The following tables set out the carrying amounts of financial assets and financial liabilities that are subject to enforceable master netting arrangements or similar agreements, irrespective of whether they are offset in the Group's consolidated statement of financial position.

| As at 31st December, 2025

5. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Significant estimates and assumptions concerning the future may be required in selecting and applying the appropriate accounting methods and policies in the financial statements. The Group bases its estimates and judgements on historical experience and various other assumptions that it believes are reasonable under various circumstances. Actual results may differ from these estimates and judgements under different assumptions and conditions.

(a) Impairment testing of goodwill

Goodwill is tested for impairment annually or more frequently when there is any indication of impairment which required the Group to estimate the value in use of the relevant cash-generating unit. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the relevant cash-generating unit and a suitable discount rate is used in order to calculate the present value. The carrying value of goodwill as at 31st December, 2025 is HK$799 million (2024: HK$760 million). Details of the impairment testing of goodwill are disclosed in note 21.

(b) Impairment testing of intangible assets

Impairment testing of intangible assets requires significant judgement and estimate. Intangible assets with indefinite useful lives are tested for impairment annually and intangible assets with definite useful lives are tested for impairment if there is any indication that the carrying value of these assets may not be recoverable and the assets are subject to an impairment loss. The recoverable amount is the higher of an asset's fair value less costs of disposals and value in use. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the relevant cash-generating unit and a suitable discount rate is used in order to calculate the present value. The carrying value of intangible assets as at 31st December, 2025 is HK$1,291 million (2024: HK$1,265 million).

6. TURNOVER

Turnover represents net sales of infrastructure materials, interest income from loans granted to associates and joint ventures, sales of waste management services and share of turnover of joint ventures. Sales of infrastructure materials and waste management services were substantially recognised at a point in time.

Turnover comprises both sales and interest income from infrastructure investments and share of turnover of joint ventures as follows:

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

7. OTHER INCOME

Other income includes the following:

8. OPERATING COSTS

Operating costs include the following:

9. FINANCE COSTS

10. PROFIT BEFORE TAXATION

11. TAXATION

(a) Taxation is provided for at the applicable tax rates on the estimated assessable profits less available tax losses. Deferred taxation is provided on temporary differences under the liability method using tax rates applicable to the Group's operations in different countries.

(b) Reconciliation between tax charge and accounting profit at Hong Kong profits tax rate:

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

11. TAXATION (CONT'D)

(c) Pillar Two model rules

In December 2021, the Organisation for Economic Co-operation and Development ("OECD") released the Pillar Two model rules (the Global Anti-Base Erosion Proposal) for a new global minimum tax reform applicable to multinational enterprise groups with annual revenues of at least €750 million. CK Hutchison, the ultimate holding company of the Group, is in scope of this Pillar Two tax reform.

Following the enactment of the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Ordinance 2025 in Hong Kong, Pillar Two legislation has been enacted and is effective in most of the jurisdictions where the Group has operations for the financial year beginning on 1st January, 2025.

In 2023, the IASB and HKICPA made amendments to IAS 12 and HKAS 12 which provided temporary relief from the requirement to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group has applied the mandatory temporary exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Under OECD's Pillar Two model rules, a top-up tax liability would arise when the effective tax rate in a jurisdiction is below 15%. Based on the information available, current tax exposure or impact on the Group's income tax position is not material for the relevant jurisdictions which have Pillar Two legislation enacted.

The Group would continue to assess the impact of the Pillar Two income taxes legislation on its future financial performance.

12. PROFIT FOR THE YEAR AND SEGMENT INFORMATION

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

12. PROFIT FOR THE YEAR AND SEGMENT INFORMATION (CONT'D) for the year ended 31st December

12. PROFIT FOR THE YEAR AND SEGMENT INFORMATION (CONT'D)

Segment profit attributable to shareholders of the Company represents the profit earned by each segment after the profit attributable to owners of perpetual capital securities and non-controlling interests without allocation of gains or losses from treasury activities, corporate overheads and other expenses of the Group's head office.

For the purposes of monitoring segment performance and allocating resources between segments:

• all assets are allocated to reportable segments other than financial assets of the Group's head office; and
• all liabilities are allocated to reportable segments other than financial and other liabilities of the Group's head office.

13. EARNINGS PER SHARE

The calculation of earnings per share is based on the profit attributable to shareholders of the Company of HK$8,265 million (2024: HK$8,115 million) and on 2,519,610,945 shares (2024: 2,519,610,945 shares) in issue during the year.

14. DIVIDENDS

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

15. PROPERTY, PLANT AND EQUIPMENT

16. INVESTMENT PROPERTIES

The fair values of the Group's investment properties at 31st December, 2025 and 2024 are determined based on a valuation carried out by Mr. K. B. Wong for and on behalf of Cushman & Wakefield Limited, independent qualified professional valuers not connected with the Group. Mr. K. B. Wong is a member of the Hong Kong Institute of Surveyors. The valuation which reflects the highest and best use was arrived at by reference to comparable market transactions and also taking reference of capitalising the rental income derived from the existing tenancies with due provision for the reversionary income potential of the properties.

17. INTERESTS IN ASSOCIATES

Included in the amounts due by unlisted associates are subordinated loans of HK$531 million (2024: HK$790 million). The rights in respect of these loans are subordinated to the rights of any other lenders to the associates.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

17. INTERESTS IN ASSOCIATES (CONT'D)

Summarised financial information of Power Assets Holdings Limited ("Power Assets"), the only material associate, adjusted for any differences in accounting policies and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below.

(a) Financial information of the material associate as at 31st December

(b) Financial information of the material associate for the year ended 31st December

(c) Aggregate information of associates that are not individually material

Particulars of the principal associates are set out in Appendix 2 on page 157.

18. INTERESTS IN JOINT VENTURES

Included in the amounts due by joint ventures are subordinated loans of HK$13,917 million (2024: HK$13,723 million). The rights in respect of these loans are subordinated to the rights of any other lenders to the joint ventures.

Summarised financial information of CK William UK Holdings Limited ("CK William") and UK Power Networks Holdings Limited ("UK Power Networks"), the material joint ventures, adjusted for any differences in accounting policies, and a reconciliation to the carrying amount in the consolidated financial statements, are disclosed below.

(a) Financial information of the material joint ventures as at 31st December

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

18. INTERESTS IN JOINT VENTURES (CONT'D)

(b) Financial information of the material joint ventures for the year ended 31st December

(c) Aggregate information of joint ventures that are not individually material

Particulars of the principal joint ventures are set out in Appendix 3 on pages 158 and 159.

19. OTHER FINANCIAL ASSETS

a Other investments include the investments under the agreement made as of 31st August, 2018 and as amended as of 30th December, 2019 with CK Hutchison Holdings Limited and its wholly-owned subsidiary.

20. DERIVATIVE FINANCIAL INSTRUMENTS

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

20. DERIVATIVE FINANCIAL INSTRUMENTS (CONT'D)

Currency Derivatives

During the current year, the Group utilised currency derivatives to hedge long-term foreign investments. The Group is a party to a variety of foreign currency forward contracts and cross currency swaps in the management of its exchange rate exposures.

The following contracts are outstanding as at the end of the reporting period and the major terms of these contracts are as follows:

• designated as hedging instrument in accordance with IFRS 9/HKFRS 9

20. DERIVATIVE FINANCIAL INSTRUMENTS (CONT'D)

Currency Derivatives (Cont'd)

The fair values of the above currency derivatives that are designated and effective as net investment hedges totalling HK$105 million (2024: HK$1,401 million) (net assets to the Group) have been deferred in equity at 31st December, 2025.

None of the above currency derivatives is designated and effective as cash flow hedges and fair value hedges at 31st December, 2025 and 2024.

Interest Rate Swaps

During the current year, the Group utilised interest rate swaps to manage its exposure to interest rate movements on its bank borrowings by swapping a proportion of those borrowings from floating rates to fixed rates. The notional principal amounts of the interest rate swap contracts outstanding as at 31st December, 2025 and 2024 and the major terms of these contracts are as follows:

• BKBM – New Zealand Bank Bill Reference Rate BBSW – Australian Bank Bill Swap Reference Rate EURIBOR – Euro Interbank Offered Rate

The fair values of the above interest rate swaps that are designated and effective as cash flow hedges totalling HK$13 million (2024: HK$7 million) (net assets to the Group) have been deferred in equity at 31st December, 2025.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

21. GOODWILL AND INTANGIBLE ASSETS

Goodwill

For the purpose of impairment test, the recoverable amount of the cash-generating units is determined based on value in use calculations.

The Group prepared its cash flow projections of each cash-generating unit based on the latest approved budget plus extrapolated cash flows for the subsequent 4 years (2024: 4 years) except for a landfill where the whole life model is used. Cash flow projections for each cash-generating unit are based on the expected terminal growth rate of 3 per cent (2024: 3 per cent). The Group considers that cash flow projections of 5 years (2024: 5 years) are appropriate as they entered long-term contracts with customers.

The model uses a terminal value which is equal to eight to ten times of earnings before interest, taxation, depreciation and amortisation and discount rate of 8.1 per cent to 9.1 per cent (2024: 8.5 per cent to 9.8 per cent). The impairment test of its assets is then assessed using the value in use for each cash-generating unit. Based on impairment tests prepared, there is no impairment for goodwill as at 31st December, 2025 and 2024.

21. GOODWILL AND INTANGIBLE ASSETS (CONT'D)

Intangible Assets

For brand name and trademarks of the Group that are regarded to have indefinite useful lives, there is no foreseeable limit to the period over which these assets are expected to generate cash flows for the Group.

For other intangible assets of the Group that are regarded to have finite useful lives, they are amortised on a straight-line basis according to their license periods or contract lives.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

22. INVENTORIES

23. DEBTORS AND PREPAYMENTS

The aging analysis of the Group's trade debtors presented based on the invoice dates is as follows:

23. DEBTORS AND PREPAYMENTS (CONT'D)

Trade with customers is carried out largely on credit, except for new customers, residential customers of waste management services and customers with unsatisfactory payment records, where payment in advance is normally required. Invoices are normally due within 1 month of issuance, except for certain well-established customers, where the terms are extended to 2 months, and certain customers with disputed items, where the terms are negotiated individually. Each customer has a maximum credit limit, which was granted and approved by senior management in accordance with the laid-down credit review policy and procedures.

During the year ended 31st December, 2025, the Group measured the loss allowance based on provision matrix or individual assessment under the expected credit loss model.

The Group used average loss rates ranging from 0 to 55.77 per cent (2024: from 0 to 32.23 per cent) for provision matrix assessment. The average loss rates were estimated based on historically observed default rates of the debtors and were adjusted for any forward-looking information that was available without undue cost or effort.

The movement in the loss allowance during the year is as follows:

24. BANK BALANCES AND DEPOSITS

Bank balances and deposits carry average effective interest rate at 4.2 per cent (2024: 5.5 per cent) per annum.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

25. BANK AND OTHER LOANS

25. BANK AND OTHER LOANS (CONT'D)

The carrying amounts of the Group's borrowings are denominated in the following currencies:

The average effective interest rate of the Group's bank loans is 4.15 per cent (2024: 4.80 per cent) per annum.

The Group's notes of HK$1,007 million (2024: HK$1,026 million) were arranged at fixed interest rate and exposed the Group to fair value interest rate risk. Other borrowings were arranged at floating rates, thus exposed the Group to cash flow interest rate risk.

Bank loans carried interest at floating rate, which was determined with reference to BBSY*, EURIBOR, BKBM or CORRA* plus an average margin less than 1 per cent (2024: BBSY*, EURIBOR, BKBM or CORRA* plus an average margin less than 1 per cent) per annum.

Fixed rate notes carried interest ranging from 2.6 per cent to 4.0 per cent (2024: interest ranging from 2.6 per cent to 4.0 per cent) per annum.

Certain assets were pledged to secure bank loans totalling HK$1,485 million (2024: HK$1,388 million) granted to the Group.

• BBSY – Australian Bank Bill Swap Bid Rate CORRA – Canadian Overnight Repo Rate Average

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

26. CREDITORS, ACCRUALS AND OTHERS

The aging analysis of the Group's trade creditors is as follows:

At 31st December, 2025, non-current lease liabilities of HK$221 million (2024: HK$270 million) is included under other non-current liabilities.

The aging analysis of the Group's lease liabilities is as follows:

27. DEFERRED TAX ASSETS/LIABILITIES

The followings are the major deferred tax (assets)/liabilities recognised by the Group and movements thereon during the current and prior years:

Apart from the unused tax losses of which the deferred tax assets were recognised as presented above, the Group had unused tax losses and other unused tax credits totalling HK$5,741 million (2024: HK$5,340 million) at 31st December, 2025. No deferred tax asset has been recognised in respect of these tax losses and tax credits due to the unpredictability of future profit streams to utilise the available tax losses and tax credits.

These unutilised tax losses and tax credits can be carried forward against future taxable income. Of the total amounts unrecognised, HK$269 million (2024: HK$263 million) is expected to expire within five years and the remaining balances have no expiry date.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

28. RETIREMENT PLANS

Defined Contribution Retirement Plans

The Group provides defined contribution retirement plans for its eligible employees.

Contributions to the defined contribution plans in Hong Kong are made by either the employer only at 10 per cent of the employees' monthly basic salaries or by both the employer and the employees each at 5 or 10 per cent (2024: 5 or 10 per cent) of the employees' monthly basic salaries. The Company and its Hong Kong subsidiaries also participate in master trust Mandatory Provident Fund ("MPF") schemes operated by independent service providers. Mandatory contributions to these MPF schemes are made by both the employers and employees at 5 per cent of the employees' monthly relevant income each capped at HK$30,000.

Contribution to the defined contribution plans in New Zealand are made by either the employer only at 9 per cent of the employees' monthly basic salaries or by both the employer and employees each at 4 to 9 per cent of the employees' monthly basic salaries.

As the Group's retirement plans in Hong Kong, are all MPF-exempted recognised occupational retirement schemes ("ORSO schemes"), except for certain subsidiaries of which the new Hong Kong employees have to join the MPF schemes, the Group offers an option to its new Hong Kong employees to elect between the ORSO schemes and the MPF schemes.

The Group's costs in respect of defined contribution plans for the year amounted to HK$32 million (2024: HK$32 million). No forfeited contributions and earnings for the year under the defined contribution plans were used to reduce the existing level of contributions (2024: nil). At 31st December, 2025, there were no forfeited contributions and earnings available to the Group to reduce its contributions to the defined contribution plans in future years (2024: nil).

29. SHARE CAPITAL

30. PERPETUAL CAPITAL SECURITIES

On 23rd August, 2017, the Group issued US$500 million 4.85 per cent guaranteed perpetual capital securities at an issue price of 100 per cent. These perpetual capital securities were issued for general corporate funding purposes. Distributions on these perpetual capital securities are paid semi-annually in arrears from 23rd August, 2017 and may be deferred at the discretion of the Group. These perpetual capital securities have no fixed maturity and are redeemable at the Group's option on or after 23rd August, 2022 at their principal amounts together with any accrued, unpaid or deferred distributions. While any distributions are unpaid or deferred, the Company will not declare, pay dividends or make distributions or similar periodic payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank.

On 3rd November, 2017, the Group issued US$150 million 4.85 per cent guaranteed perpetual capital securities at an issue price of 100 per cent plus an amount corresponding to accrued distribution from and including 23rd August, 2017 to, but excluding 3rd November, 2017. The perpetual capital securities were issued for general corporate funding purposes. Distributions on these perpetual capital securities are paid from 23rd August, 2017 and may be deferred at the discretion of the Group. These perpetual capital securities have no fixed maturity and are redeemable at the Group's option on or after 23rd August, 2022 at their principal amounts together with any accrued, unpaid or deferred distributions. While any distributions are unpaid or deferred, the Company will not declare, pay dividends or make distributions or similar periodic payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank.

On 2nd June, 2021, the Group issued US$300 million 4.20 per cent guaranteed perpetual capital securities at an issue price of 100 per cent. Distribution is payable semi-annually in arrear from 2nd December, 2021 and may be deferred at the sole discretion of the Group. These perpetual capital securities have no fixed maturity and are redeemable at the Group's option on 2nd June, 2026, or any day thereafter at their principal amounts together with any accrued, unpaid or deferred distributions. While any distributions are unpaid or deferred, the Company will not declare, pay dividends or make distributions or similar periodic payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank.

On 29th July, 2021, the Group issued US$300 million 4.00 per cent guaranteed perpetual capital securities at an issue price of 100 per cent. Distribution is payable semi-annually in arrear from 29th January, 2022 and may be deferred at the sole discretion of the Group. These perpetual capital securities have no fixed maturity and are redeemable at the Group's option on 29th July, 2026, or any day thereafter at their principal amounts together with any accrued, unpaid or deferred distributions. While any distributions are unpaid or deferred, the Company will not declare, pay dividends or make distributions or similar periodic payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31. CAPITAL MANAGEMENT

The Group's primary objectives when managing capital are to safeguard the Group's ability to continue as a going concern, so that it can expand and generate attractive and predictable returns for shareholders and benefits for other stakeholders, by establishing and maintaining a quality investment portfolio with stable earnings and appropriate level of risks that the management are comfortable with.

The capital structure of the Group consists of debts, which includes bank loans and notes as detailed in note 25, bank balances and deposits, equity attributable to shareholders of the Company, comprising issued share capital and reserves, perpetual capital securities and non-controlling interests as detailed in the consolidated statement of changes in equity.

The management actively and regularly reviews and manages the Group's capital structure to maintain a balance between high shareholders' returns and strong capital position, and makes adjustments to the capital structure in light of changes in the global market conditions.

The Group maintained a low net debt to net total capital ratio of 8.9 per cent (2024: 7.8 per cent) as at 31st December, 2025. The management targets to maintain a solid capital position to pursue more new investment opportunities. The Group's overall strategy remains unchanged from 2024.

The net debt to net total capital ratios at 31st December, 2025 and 2024 were as follows:

During the current year, the Company acted as the guarantor in respect of certain loan facilities granted to its subsidiaries, and fully complied with the capital requirements under the loan facility agreements.

32. NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Reconciliation between profit before taxation and cash generated from operating activities before finance costs and income taxes paid

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

32. NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)

(b) Reconciliation of liabilities arising from financial activities

(c) Funds from Operations*

• Funds from operations represent net cash from operating activities and dividends received from associates and joint ventures.

33. EMOLUMENTS OF DIRECTORS AND FIVE HIGHEST PAID INDIVIDUALS

Directors' emoluments comprise payments to the Company's directors by the Group in connection with the management of the affairs of the Group. The independent non-executive directors ("INED") receive an annual director's fee of HK$75,000 each; and for those acting as the audit committee members ("ACM"), additional annual fee of HK$100,000 each is paid. For those INED acting as remuneration committee members ("RCM"), nomination committee members ("NCM") and sustainability committee members ("SCM"), additional annual fee of HK$25,000 each is paid. The emoluments of each of the Company's directors for the current year, excluding emoluments received from the Group's associates, are as follows:

Notes: (1) During the year, Mr. Victor T K Li and Mr. Chan Loi Shun each received directors' fees of HK$70,000 (2024: HK$70,000) and Mr. Andrew John Hunter received director's fee of HK$120,000 (2024: HK$107,568) from Power Assets. Mr. Fok Kin Ning, Canning received director's fee of HK$29,836 in 2024 from Power Assets. The directors' fees totalling HK$260,000 (2024: HK$277,404) were then paid back to the Company. (2) During the year, the directors' emoluments in the sum of HK$5,498,600 (2024: HK$5,294,800) received by Mr. Chan Loi Shun from Power Assets were paid back to the Company. (3) Mr. Victor T K Li and Mr. Chan Loi Shun have acted as NCM and SCM of Power Assets, respectively and each received fees of HK$20,000 (2024: HK$20,000) during the year. The fees totalling HK$40,000 (2024: HK$40,000) were then paid back to the Company.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

33. EMOLUMENTS OF DIRECTORS AND FIVE HIGHEST PAID INDIVIDUALS (CONT'D)

Notes: (Cont'd)

(4) Mr. Barrie Cook has retired as an INED, and ceased as NCM and SCM of the Company with effect from 10th February, 2024.

(5) INED, ACM, RCM, NCM and SCM – During the year, Mrs. Sing Sow-Mei has acted as INED, ACM and RCM of the Company. Mrs. Kwok Eva Lee has acted as INED and NCM of the Company. Mr. Paul Joseph Tighe has acted as INED, ACM and SCM of the Company. In addition, Mr. Cheong Ying Chew, Henry has acted as INED, ACM, RCM and NCM of the Company during the year. Mr. Lan Hong Tsung, David has acted as INED, ACM and SCM of the Company during the year. The total emoluments paid to these INED, ACM, RCM, NCM and SCM during the year were HK$925,000 (2024: HK$933,197).

Of the five individuals with the highest emoluments in the Group, four (2024: four) are directors whose emoluments are disclosed above. In respect of the remaining one (2024: one) individual, the remuneration consisted of salaries and benefits in kind of HK$14 million (2024: HK$14 million) and bonuses of HK$6 million (2024: HK$5 million).

34. COMMITMENTS

The Group's capital commitments outstanding at 31st December and not provided for in the consolidated financial statements are as follows:

35. CONTINGENT LIABILITIES

The contingent liabilities of the Group are as follows:

36. MATERIAL RELATED PARTY TRANSACTIONS

During the year, the Group advanced HK$5 million (2024: HK$4 million) to an unlisted associate. The total outstanding loan balances as at 31st December, 2025 amounted to HK$680 million (2024: HK$935 million), of which HK$531 million (2024: HK$790 million) at fixed rates ranging from 10.85 per cent to 11.19 per cent (2024: from 10.85 per cent to 11.19 per cent) per annum and HK$149 million (2024: HK$145 million) was interest-free. The average effective interest rate of the loan granted to associates is 11.05 per cent (2024: 11.05 per cent) per annum. As stated in note 6, interest income from loans granted to associates during the year amounted to HK$76 million (2024: HK$98 million). The loans had no fixed terms of repayment.

During the year, the Group advanced HK$104 million (2024: HK$26 million) to joint ventures. The Group received repayment of HK$30 million from a joint venture (2024: HK$47 million) during the year ended 31st December, 2025. The total outstanding loan balances as at 31st December, 2025 amounted to HK$15,085 million (2024: HK$14,721 million), of which HK$7,985 million (2024: HK$8,150 million) bore interest with reference to BBSW and return from a joint venture, and HK$6,268 million (2024: HK$5,936 million) at fixed rate ranging from 4.2 per cent to 10 per cent (2024: from 4.2 per cent to 11 per cent) per annum, and HK$832 million (2024: HK$635 million) was interest-free. The average effective interest rate of the loan granted to joint ventures is 6.97 per cent (2024: 7.64 per cent) per annum. As stated in note 6, interest income from loans granted to joint ventures during the year amounted to HK$1,083 million (2024: HK$1,325 million). The loans had no fixed terms of repayment.

Moreover, the Group's sales of infrastructure materials to a joint venture for the current year amounted to HK$514 million (2024: HK$524 million). The Group also received income and incurred operating costs from sales of waste management services from/to its joint ventures amounted to HK$49 million (2024: HK$50 million) and HK$54 million (2024: HK$51 million), respectively for the current year.

The emoluments of key management have been presented in note 33 above.

The above related party transactions made during the year did not constitute connected transactions or continuing connected transactions.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

37. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY

(a) Statement of Financial Position of the Company

as at 31st December

37. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY (CONT'D)

(b) Movements in the Company's Equity

38. EVENT AFTER THE REPORTING PERIOD

In July 2025, Eversholt UK Rails Group Limited, a joint venture company of the Group, CK Asset Holdings Limited, Power Assets and CK Hutchison, entered into an agreement to dispose of the entire share capital of Eversholt UK Rails Limited at a consideration of approximately GBP1.1 billion (equivalent to approximately HK$11 billion). The transaction was completed in January 2026.

Taking into account the Group's 36.01% shareholding interest in Power Assets, an effective gain of over HK$1.9 billion is expected to be shared from the transaction.

In February 2026, the Group, Power Assets and CK Asset Holdings Limited, through their indirect wholly-owned subsidiaries, entered into a share purchase agreement to dispose of the entire share capital and shareholder debt instruments of UK Power Networks. The consideration for the Group will be approximately GBP4.2 billion (equivalent to approximately HK$44.3 billion). Completion of the transaction is subject to the fulfilment of certain terms and conditions under the share purchase agreement. Further details are set out in the Company's announcement dated 26th February, 2026.

39. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements set out on pages 101 to 159 were approved by the Board of Directors on 18th March, 2026.

CK INFRASTRUCTURE HOLDINGS LIMITED

ANNUAL REPORT 2025

PRINCIPAL SUBSIDIARIES

APPENDIX 1

The table below shows the subsidiaries as at 31st December, 2025 which, in the opinion of the Directors, principally affected the results or assets of the Group. To give details of all the subsidiaries would, in the opinion of the Directors, result in particulars of excessive length.

Note: The shares of all the above subsidiaries are indirectly held by the Company.

PRINCIPAL ASSOCIATES

APPENDIX 2

The table below shows the associates as at 31st December, 2025 which, in the opinion of the Directors, principally affected the results or assets of the Group. To give details of all the associates would, in the opinion of the Directors, result in particulars of excessive length.

Notes:

1. The associate is listed on Hong Kong Stock Exchange.
2. SA Power Networks Partnership, an unincorporated body, is formed by the following companies: CKI Utilities Development Limited PAI Utilities Development Limited Spark Infrastructure SA (No.1) Pty Ltd Spark Infrastructure SA (No.2) Pty Ltd Spark Infrastructure SA (No.3) Pty Ltd CKI Utilities Development Limited and PAI Utilities Development Limited, both of which are associates of the Group, together own a 51 per cent interest in SA Power Networks Partnership. The partnership operates and manages the electricity distribution business in the State of South Australia of Australia.
3. Victoria Power Networks Pty Limited owns 100 per cent interests in the following companies: Powercor Australia Ltd CitiPower Pty Ltd The CitiPower Trust Powercor Australia Ltd and The CitiPower Trust each operates and manages an electricity distribution business in the State of Victoria of Australia.

CK INFRASTRUCTURE HOLDINGS LIMITED ANNUAL REPORT 2025

PRINCIPAL JOINT VENTURES

APPENDIX 3

The table below shows the joint ventures as at 31st December, 2025 which, in the opinion of the Directors, principally affected the results or assets of the Group. To give details of all the joint ventures would, in the opinion of the Directors, result in particulars of excessive length.